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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.
In many cases, knowing the full definition of a word or phrase makes all the difference. What Does Pre-Tax Mean? Pre-tax dollars is a phrase that is often used in conjunction with retirement planning and 401k contributions. In fact, one of the benefits of a 401k plan is that contributions are made with pre-tax dollars. But, what is the definition of pre-tax dollars, anyway? When an employee gets paid, there are numerous deductions that get taken out of their paycheck. These payroll deductions range from income tax withholding to FICA taxes to voluntary contributions for things like health insurance or cafeteria plans (Section 125 plans).