The Flat Tax and the XTax Presentation to the Tax 单一税和xtax介绍税收.pptVIP

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The Flat Tax and the XTax Presentation to the Tax 单一税和xtax介绍税收.ppt

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The Flat Tax and the XTax Presentation to the Tax 单一税和xtax介绍税收

The Flat Tax and the X-TaxPresentation to the Tax Reform Panel Robert E. Hall Hoover Institution May 11, 2005 Basics of the Flat Tax Individuals and couples file Form 1, which puts a 19-percent tax on earnings above an exemption level, $41,000 for a family of 4 Families do not pay tax on interest, dividends, or capital gains—these are taxed at the source by the business tax Businesses file Form 2, which puts a 19-percent tax on business income with a write-off for investment The two forms together create an airtight 19-percent tax on consumption Benefits of the Flat Tax Provides the right incentive for capital formation, through investment write-off Simple Easy to administer—low rate and simplicity reduce evasion Taxing business income at the source avoids more than a billion Form 1099s and reduces IRS cost 19-percent rate duplicates revenue from existing corporate and personal income taxes The X Tax Same structure as the flat tax: simple forms for family and business But the personal tax has more than one bracket Business tax rate is the same as the highest personal tax rate Reduced burden on middle-income families financed by higher business and top-bracket personal rates Example: 12-percent and 25-percent brackets, with higher bracket starting at $60,000 Comparison Distribution of Tax Burden Under current taxes, some high-income taxpayers pay huge amounts of federal income taxes, while others pay little Burden on the lower half of the income distribution is light The flat and X taxes would even out the burden across high-income taxpayers The burden on lower- and middle-income families can be adjusted by the exemption in the flat and X taxes and the brackets in the X tax Steps toward the Flat or X Taxes Move toward taxation of business income at the source Lower personal taxation of dividends and capital gains accomplished in 2003 Push these rates to zero Reduce and ultimately eliminate business deduction for interest, so this income is taxed at the source Redu