Actual current time in Cancun, Mexico, DST, Daylight Savings Time conversion dates 2015, GMT offset, fall time change 2015 Cancun clock.
Flat tax. A flat tax is exactly what it sounds like: a consistent tax rate applied to all tax brackets. A true flat tax would mean, as Dr. Carson explained, that everyone would pay the same tax rate regardless of income (he suggested 10% since that âworks for Godâ). Flat taxes are usually imposed on wages only, meaning that thereâs no tax on capital gains or investments.
Countries considering a flat tax system. 1  Faroe Islands: The cabinet appointed in November 2011, consisting of the Union Party, People's Party, Self-Government Party and Centre Party, defined a flat tax system as a part of its financial policy. The bill introducing the flat tax passed on 23 December 2011.