Milton Friedman on the Flat Tax

in dlike •  last month  (edited)

Shared From Dlike

The graduated tax rate (14% to 70% in the US at the time of the interview) was - and I think still remains very much an illusion as the system probably hasn't essentially changed. Why? Because people in the upper tax brackets can choose to have a larger proportion of their income in capital gains and have access to other ways to lower their tax rate to much lower levels. People in the middle are the hardest hit. The situation is most likely very similar in all countries that have graduated (=progressive) earned income tax. The tax system is an area where simplification is in order from time to time.

It should be noted that Milton Friedman was an advocate of negative income tax, which means that people below a certain level of gross income be paid money by the state as a means of income redistribution.

Friedman made a lot of sense. He's definitely someone worth listening to.

Source of shared Link

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Deep and complicate subject! Economics beats me!

Some areas of it can be very complicated. But others are not too difficult to understand by laypeople.

Hi @markkujantunen!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 4.017 which ranks you at #3909 across all Steem accounts.
Your rank has improved 12 places in the last three days (old rank 3921).

In our last Algorithmic Curation Round, consisting of 149 contributions, your post is ranked at #108.

Evaluation of your UA score:
  • Some people are already following you, keep going!
  • The readers like your work!
  • Try to improve on your user engagement! The more interesting interaction in the comments of your post, the better!

Feel free to join our @steem-ua Discord server