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Flat Tax 1 - Double Taxation

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Ohio Roundtable: The Public Square - Flat Tax #1 - Double Taxation

Flat Tax #1 - Double Taxation

How many times should a dollar be taxed, especially if it's a dollar you earned?

"A penny saved is a penny earned," said great American founder Ben Franklin. But in America today, it doesn't quite work that way.

A penny earned is a penny taxed, and if there's anything left after taxes, and that money manages to get its way into a savings account, that same penny that is earning interest gets taxed again when the interest comes out. The process is known as "double taxation."

When we work for a wage, that income is taxed by the federal government. When we save from those same wages, that interest that was earned is again taxed by the federal government.

This downward spiral is one of the reasons that Americans and Ohioans are saving less today than ever before in history and one of the reasons that proponents of a flat tax are so excited about seeing their ideas become the new law of the land.

In the flat tax system, interest and dividend income would not be taxed, making savings a whole new area for financial growth. How does that idea sound to you?

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