1.0 trillion/12.530 trillion = 0.07981 or 7.981% = 8.0% of Total Personal Income.
A Flat Tax rate equal 8% and zero other taxes produces 0.08 * $12.530 trillion = $1.0024 trillion in total revenue.
6.05% = 0.0605 = my current equivalent gross tax rate.
0.0605 * $12.530 trillion = $0.758 trillion.
But if Total Personal Income were to increase to $16,569 trillion, then a Flat Tax rate of 6.05% would produce a total revenue of $1.0024 trillion.
A Fair Tax Rate of 23% and zero other taxes is a sales tax on some but not all items sold:
% GISoTI= % of Gross Income (including any prebates) Spent on Taxable Items. For example, the Fair Tax does not tax the sale of used items.
EFT% = Equivalent Flat Tax %.
% GISoTI…………………………… EFT% = % GIoTI x 23%
99……………………………………..22.77
90……………………………………..20.7
80……………………………………..18.4
70……………………………………..16.1
60……………………………………..13.8
50……………………………………..11.5
40……………………………………..9.2
30……………………………………..6.9
20……………………………………..4.6
10……………………………………..2.3
So what would the actual Total Revenue be from a Fair Tax?