Steve Forbes ran for US president in 1996 and 2000 on a platform proposing a 179flat tax, that is an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Joe was single in the year 2016 with a taxable income of $350.000 we learn that actually made $700,000, but his taxable income was only $350.000 because of various deductions allowed by the system in 2016. Proponents of the flat tax say that many of these deduction should be eliminated, so the 170 flat tax should be applied to Joe's entire 700,000 How much more tax would loe pay with a 17 flat tax than under the 2016 system? (Refer to the 2016 Tax Table for singles for tax rates.) Of the excess over 2016 Tax Table for Singles If Taxable Income The Tax is Is over But not over This amount Plus this % Schedule X-Use if your filing status is Single $0 $9275 10 % 9276 37,650 $927.50 15% 37,651 91,150 5183.75 25 % 91,151 190,150 *18,558.75 28 % 190,151 413,350 46,278.75 33% 413,351 415,050 119,934.75 35% 415,051 120,529.75 39.6% $0 9275 37,650 91,150 190,150 413,350 415,050