accounting ethics
type: Concept
narrower: flat tax

concepts
type: Collection
type: ConceptGroup
member: flat tax

flat tax
type: Concept
broader: accounting ethics
definition: The flat tax is a proposal to replace the current federal income tax code with a simple one-rate tax on all earned income. Instead of a system of progressive rates in which the percentage of tax taken increases as income rises, all income would be taxed at the same rate, 17% in some proposals, and the only deduction allowed would be a personal deduction. [Source: Encyclopedia of Business Ethics and Society; Flat Tax]