3. Suppose that the U.S. personal income tax system became a flat tax system, in which all taxpayers paid a certain percentage of their incomes in tax, and in which there are no exemptions or deductions. In which way(s) could this flat tax be more regressive than the present U.S. system? In which ways could it be more progressive than the present system?

3. Suppose that the U.S. personal income tax system became a flat tax system, in which all taxpayers paid a certain percentage of their incomes in tax, and in which there are no exemptions or deductions. In which way(s) could this flat tax be more regressive than the present U.S. system? In which ways could it be more progressive than the present system?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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