<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Shareholder:
Flat taxes are regressive,</font>
Actually, they're not. They're neutral or at least fair? The U.S. Social Security tax I cited above is (or was) regressive because someone like Michael Eisner who made $173 million give or take 10 a few years ago paid the same social security tax as someone making $60,000 that year.
The U.K. equivalent would be the community charge (better known as poll tax) which is a fixed charge and levied on people no matter what their income and wealth is. There's no property tax so Richard Branson living in his multi-million pound mansion pays the same as a waitperson living in a dingey rental flat (the landlord would pay the same community charge no matter how much property he owned).
[This message has been edited by terenz (edited 11-07-2002).]