A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.
Read more about Flat Tax: Requirements For A Fully Defined Schema, Recent and Current Proposals
Famous quotes containing the words flat and/or tax:
“And thou, all-shaking thunder,
Strike flat the thick rotundity o’ the world!
Crack nature’s moulds, all germens spill at once
That makes ingrateful man!”
—William Shakespeare (1564–1616)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)