Taking the Same Amount of Shirt Off of Everybody's Back
March 17, 2004 10:38 AM Subscribe
Ahh, the Flat Tax. The utopian vision of Steve Forbes, Dick Armey, and anybody swimming in 1099-INT forms is now a reality in Iraq (Wash. Post link). It sounds ideal in a lot of ways; everybody pays a similar amount, people save lots of time, and IRS workers are put out of a job. But the downsides are plenty; higher deficit, no write-offs for charitable donations, and more chances that people that earn their money through labor rather than stock trading will be left holding the bag.
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