I Asked ChatGPT What Would Happen If Income Taxes Became Flat-Rate

Federal income tax rates range from 10% to 37%. The exact tax rate depends on factors like filing status and income. The greater your income, the more you’ll generally pay in taxes. Depending on where you live, you may also have to pay state income tax. But what might happen if federal income taxes were to become flat-rate? According to ChatGPT, there could be multiple repercussions for individual taxpayers and the economy. Taxes Would Be Simplified Although the exact effects of a flat-rate income tax ...