flat tax in canada
In a recent study, the Fraser Institute is quoted with saying, "A flat tax is necessary to achieve efficiency, fairness, and the simplest- measure of a successful tax policy (Fraser institute)." The Flat tax system is a comprehensive, integrated approach to taxation. Flat tax uses a uniform tax rate for income, whether personal or business. The flat tax system ensures that all sources of income are taxed once and at one rate. The introduction of a flat tax system would create fairness, drastically simplify and improve Canada's tax system. Flat tax would not destroy progression in our tax system it would only make it more fair. Flat tax is not a new idea, it is currently used in Hong Kong and the Channel Island. The issue is not with out complication. Some would suggest that Flat tax would only benefit the rich. This argument is false, simply because if people have more money to spend, they will, and that is beneficial to every one. The issue is very significant because it is important to know if there are better way for the government to operate our tax system and flat tax is defiantly one of them. The biggest concern with flat tax is that it would eliminate progression in taxation. This is entirely false, a flat
It would save all Canadian's money as well as the Canadian government. Bibliography "Significant tax reform required in Canada. If one make 100 000 dollars a year then they pay 20 000 dollars tax. The biggest fear of opponents to flat tax, is that they assume that the effects of flat tax are completely theoretical. However one must keep in mind that the larger the exemptions the larger rate that must be used in taxation in order to achieve sufficient revenue. However progressivity is still found in a flat tax system. 1_issues/2001/flat_tax/section_05 "International Evidence. Canada's current tax system is in dire need of reform and what better time to try a flat tax system. Impressively Hong Kong's tax system have made it one of the most prosperous countries in the world. Flat tax would decrease the amounts of confusion with the current tax system. ca/media/mediarelease/2001 "Average taxes, marginal taxes and progressivity. This proves that a flat tax rate would benefit Canada as well.
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