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What are some of the advantages and disadvantages of having a flat tax system?
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Advantages of having a flat tax system include simplicity, ease of administration, and predictability. It also reduces complexity for taxpayers by providing clear rules that apply to everyone. Additionally, it can reduce inequality as those with higher incomes pay more taxes than those with lower incomes. 2 Disadvantages of having a flat tax system include reduced incentives for individuals to work and invest, as well as less ability to raise revenue. Additionally, it could lead to greater economic volatility due to sudden changes in tax rates.