Do I have to pay tax?

When the Rich/Wealthy pay lower tax rates or if they paid a flat tax would the Rich still pay more money in ta?

• When the Rich/Wealthy pay lower tax rates or if they paid a flat tax would the Rich still pay more money in taxes when the rich still pay more money in taxes since there will be more tax revenue because the economy will grow also 10% of a million dollars is more then 10% of hundred dollars and the Rich will have less reason to try to find tax loopholes and or tax shelters in other words the flat tax is progressive ? A Brief Guide to the Flat TaxBy Daniel Mitchell, Ph.D. July 7, 2005 Frequently Asked Questions Q: Should the rich pay more? A: Under a flat tax, the rich do pay more than the poor. A wealthy taxpayer with 100 times more taxable income than his neighbor will pay 100 times more in taxes. However, a flat tax does not impose special penalties on those who contribute the most to the nation's prosperity by subjecting them to punitive and discriminatory tax rates. For those who think the "rich" should pay a higher percentage of their income, the generous family allowance effectively creates a modest level of "progressivity." For instance, a family with an annual income of $20,000 faces a tax rate of zero. Wealthy taxpayers also benefit from the family allowance, but the effective tax rate on an income of $1 million will be only a tiny fraction below the statutory tax rate. This approach is much fairer than the current system, which penalizes investors, entrepreneurs, and others who create wealth for the American economy while simultaneously providing myriad deductions, credits, exemptions, and other preferences that are much more likely to be exploited by upper-income taxpayers. The flat tax eliminates these special-interest loopholes, ensuring that the rich play by the same rules as other taxpayers. http://www.heritage.org/research/reports/2005/07/a-brief-guide-to-the-flat-tax

• Answer:

  **** off. People in the financial sector who make money by gambling or simply moving money around and collecting interest deserve to be punished with taxes.