Lack of wealth redistribution, the increased burden on middle-class and lower-income people, and tax rate conflicts with neighboring nations are some disadvantages of a flat tax rate system.
The ratio at which a firm or individual is taxed is known as the tax rate in a tax system. Statutory, average, marginal, and effective tax rates are just a few of the ways that can be displayed. These rates can also be displayed using the inclusive and exclusive definitions of a tax base. The tax rate on income that is set at a higher rate for incomes above a specified higher bracket, which in the United States in 2016 was $415,050, is known as a marginal tax rate. The marginal tax rate in 2016 was 39.6% for yearly income that was above the threshold for that higher bracket. The reduced tax rate applied to income that was $415,050 or less or 35%.
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