Reply to What really needs to be fixed in the tax code?

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[quote=Anonymous]Progressive flat tax.  ALL income - salary, interest, inheritance, dividends, whatever - is taxed at the same rate.

Philosophically, you can think about it as everyone is taxed the same on any given dollar.  The first 50K or so that someone makes is really needed just to live.  So with that first 50K, we shouldn't expect them to contribute further.  The next 100K or so that someone makes is still needed for a lot of basics of modern life, but it's time to start contributing.  After the following 250K or so, time to contribute even more, and so on.

First $50,000 you make, is 0%
Next $100,000 is taxed at 15%
Next 250,000 is taxed at 30%
Next 1 million is taxed at 35%
Next 10 million is taxed at 40%

Of course, you can easily do the math and come up with a tax table that is just one % at a given income level, but the underlying philosophy is to treat everyone the same with each specific dollar that earn.  So Mr. McMansion is still paying 0% on the first 50K he earns.[/quote]

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