Question

What are the main differences between the flat, regressive, and progressive tax plans?
Under which plan would you pay the most in taxes? Under which plan would you pay the least in taxes?
Which tax system would benefit you the most? Explain your response and refer to your specific career.
Do you think the plan that benefits you most is the most fair for everyone? Explain your response.
Imagine you marry and your spouse earns $50,000 per year. You will be filing your taxes together. Does this change your opinion of the proposed tax plans? Explain your response.

Answer 1

@whpalmer4

Answer 2

My career is computer programming

Answer 3

Yeah, so was mine, what of it? :-)

Do you know the difference between the three tax systems?

Answer 4

no that what im confused about my income is 70,000 per year

Answer 5

Well, in a flat tax system, you just pay a certain percentage of your income, no matter it is. One tax bracket for everyone, if you like.

In a regressive tax system, the tax rates are highest on the lowest incomes, and gradually decrease as the income goes up. You might think of it as a quantity discount :-)

In a progressive tax system, the tax rates are lowest on the lowest incomes, and gradually increase as income goes up. Theory is that the more you make the more you can afford to pay.