I am an elderly retiree in the lower level of the middle-income bracket. Much of my income is interest-sensitive. Those of us in that category have been hit by a double whammy recently. The feds keep lowering interest rates because of the rampant speculating in real estate. The state adds fuel to the fire by adopting a flat income tax. In my case, this system increases my tax burden by 60 percent.
Who benefits the most by the flat tax? The same ones who benefited by taking motor vehicles off of the personal property tax assessments the owners of Escalades, Mercedeses, Lincolns, etc.