Quote:
Originally Posted by Spunt Drag
While I would love for this to happen, you wouldn't have much of a military with that little of revenue. And your savings aren't taxed, unless you're talkin about a death tax. What is taxed is the interest your savings or investments (capital gains) make.
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The "Federal Tax" would have to be what it would take in enough money to run the country. Maybe this would be a little higher....say 8 or 10%.
Maybe some Luxury [non-essential] items would be taxed higher.