Flat tax: What it is, how it works and why it matters
A flat tax is when one tax rate applies to all taxpayers, regardless of income. Here’s how it works, and how it differs from a progressive tax system.
4 min read
May 28, 2025
Mallika Mitra
Contributor, Tax and Investing
EXPERTISE
- Taxes
- Personal finance
- Investing
- Retirement
Mallika Mitra is a freelance writer and editor focused on taxes, retirement planning, investing and more. She was previously a writer and editor at Money, where she wrote a weekly newsletter about investing, and a wide range of stories on meme stocks, crypto, generational investing trends and more. Her work can also be found in Bloomberg News, CNBC, Business Insider and The Wall Street Journal's Buy Side, among other places.
Non-Bankrate Publications or Mentions
- WUSA9 interviews Mallika about recession proofing your finances
- WGN9 interviews Mallika on why crypto is so popular
- Everyone's Talkin' Money podcast interviews Mallika on how to invest during a recession
- Eye on Travel with Peter Greenberg interviews Mallika on the best places to retire
- This Morning with Gordon Deal interviews Mallika on overconfidence bias in investing
Mallika's latest articles
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Tax Levy: What it is and how to deal with it
A tax levy is the next step after a tax lien, and it means your wages, financial accounts and other property may be seized by the IRS.
3 min read Apr 29, 2025 -
The 1099 tax form: A guide for freelancers and contractors
Many taxpayers receive a Form 1099 at tax time. Here are the common types of 1099s, and what to do if you get one.
5 min read Apr 26, 2025 -
Schedule C: Who has to file it and how it works
Schedule C is for sole proprietors, including freelancers and independent contractors, to report their income and expenses.
3 min read Apr 26, 2025 -
Tax credits are a valuable tool to trim your tax bill — here’s how they work
Tax credits can help you save big on your taxes. Here’s how they work and how to qualify.
6 min read Apr 25, 2025 -
Arkansas State Income Tax Rates And Calculator
Here are the income tax rates, sales tax rates and more things you should know about taxes in Arkansas in 2024 and 2025.
4 min read Apr 15, 2025 -
Louisiana State Income Tax Rates And Calculator
Here are the income tax rates, sales tax rates and more things you should know about taxes in Louisiana in 2024 and 2025.
3 min read Apr 15, 2025 -
New Mexico State Income Tax Rates And Calculator
Here are the income tax rates, sales tax rates and more things you should know about taxes in New Mexico in 2024 and 2025.
3 min read Apr 08, 2025