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What is a flat tax and how does it work?
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A Flat Tax is one in which the same rate is applied to all income. It typically means that everyone pays the same percentage of their income regardless of how much they make, with no deductions or exemptions. This type of tax system can be beneficial because it eliminates the complexity associated with different tax brackets and deductions. Additionally, it simplifies record keeping for taxpayers since they only need to report their total income instead of itemizing deductions.