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That's correct! Flagging with a lower reputation will decrease the payout of the post, but it won't affect the poster's reputation.

Thanks!
Will it affect the flagger in a negative way if the other person has a higher reputation?

Yes, if flagged by a user with higher rep, it will both impact post rewards and the reputation.

Thanks for your reply. I obviously phrased my question badly - I meant does the person flagging with the lower reputation get affected negatively for flagging someone with a higher reputation?

Oh sorry, I didn't get that. You phrased it just fine, I simply didn't read properly ;)

Will it affect the flagger in a negative way if the other person has a higher reputation?

No not at all! It won't have any negative impact on the flagger's account.

Flagging does use your voting power for a downvote just like an upvote would, but that's all there is.

Oh cool. Thanks for explaining that.
I thought I'd read that people flagging someone with a higher reputation could end up being worse off for it.

Thanks for all you do. It's most needed and appreciated. :)

You should consider it when being alone and flagging someone who is higher up in reputation, because their potential retaliation would be very dangerous to your own account.

In a situation like this one right here, where you clearly have other users in your back, such consequences will easily be negated!

Right now I'm getting it!
Safety in numbers!

Thanks for all your replies. Much appreciated.

Im a few points away lol, so close, but not enough to damage the rep.

It affects us by wasting our valuable voting power. I'd happily donate my account to flagging these folks, but I'd have to be paid for it because it would mean I'd lose out on curation rewards.

Oh thanks, I understand it now. thanks for your comment.

Flagging anyone has a negative effect on the flagger as it consumes the flagger's voting power which can be used for gaining author or curation rewards or self rep boosting.
A flag has a positive effect on the value of Steem as it helps preserve the rewards pool, but unless the flagger has a considerable portion of all Steem in existence, the negative effect surpasses the positive effect.
If you referred to an automatic decrease of the flagger's reputation or steempower, then the answer is no.
Retaliation by the flagee does have a negative effect on the flagger.

Thanks for all your information, I understand this much better now.
I appreciate your advice.