[lookout123]

Wealth, IMO, is not a dollar amount but a situation of sustainability. If a person could quit their job today and live off their investments for the next five years without changing their lifestyle I consider them wealthy. Good for them.

I don't believe their tax rate should be any higher than any other person's just because they have attained financial independence. Yep, I'm one of those people that strongly supports a flat tax. Say everyone in the US gets their first $35,000 tax free. (Just a random number that seems like it would allow for a living wage beneath that.) Every dollar over that is taxed at the same percentage without regard to their total income. I don't know the percentage that it would require - 7%, 10%? I really don't know, but I'm certain that if there were no loopholes, no tax shelters for money to hide then the actual required percentage would be relatively low.

Here's the kicker. Those making $70,000/year would be paying significantly less than they do now. Those making $200,000 would be paying less than they do now. Those making $1,000,000 + annually would quite often pay MORE than they do now, because the loopholes and shelters would be gone. Many of those high earners would still support the plan though because they would no longer have to pay expensive lawyers and accountants to avoid big tax bills.

The only ones who have anything to lose by this plan are the lawyers, accountants, and IRS agents who live off the confusion surrounding our current tax code. Oh, and let's not forget the politicians who would lose a lot of the sting from their class warfare arguments. I personally feel nothing could be more transparent, fair, and healthy for the future of our country than a flat tax with a floor.

Without googling the charts, I'd say you'll find while the uber-wealthy pay less in percentage points they pay vastly more in dollars into our current tax system.