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October 2013

Simulating a Flat Tax Model

What Are the Likely Outcomes?

IF A LIST OF FREQUENTLY ASKED QUESTIONS FOR CPAS EXISTED, the flat tax would be among the subjects. Millions of Americans have strong opinions about this concept, but most do not know how a flat tax would operate or would affect their own tax situation. For many, the idea of a flat tax conjures up thoughts of simplification and fairness, but most rarely think about the practical implications of reaching these goals. Reducing tax brackets to a single percentage contributes only partially to simplification; the real work lies in redefining allowable deductions.

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