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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.
To figure out your tax bill, you can't just apply a flat rate to your gross wages. For instance, if your taxable income is $70,000 as a single guy, you fall in the 31% federal tax bracket. But you can't just multiply that amount by 31% and assume that's your tax bill.