Ding Dong, the witch is dead

[Rock Steady]

Originally Posted by Spexxvet

... If all taxpayers paid the same 10.5 percent of their wealth in taxes as median income families pay, the taxes of the lowest 40 percent would be cut by 94 percent while the taxes of the wealthiest would triple. ...

This makes no sense at all. So, if you make no income one year, you still pay 10.5 percent of your wealth. This is clearly unworkable. Usually this wealth is already taxed as income when it was received.

A graduated income tax makes the most sense. Higher earners have more vested interest in keeping societal infrastructure working and are getting more out of the system, so we should pay higher marginal tax rates. My bartender gets less value from the Securities Exchange Commission than I do.