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That is a projection, prepared in 2004, that assumes capital gains rates will be allowed to rise. Congress already changed that law, so that analysis doesn't apply.
Anyway, back to the topic at hand... whether the rich should pay higher taxes or not. You do realize that 18% is a lower rate than what the median income person pays?
Obama and the Demsdo say so. When they say they want to tax "the rich," they are NOT talking about only the top 400, so whatever point you're trying to make about the top 400 is irrelevant in terms of what Obama and the Dems are pushing for. In fact, Obama and the Dems are aiming on hitting those who are trying to move UP from the middle class. Those people would fall squarely within the $250k income baseline. Obama and the Dems want to slow and kill upward social mobility.
Assuming you mean more in income tax and not all other taxes:
Everybody pays the same X percent of their income - no deductions/credits.
Besides eliminating the need for individual to get tax preparation help or lawyers to represent individuals in court, less IRS personnel will be needed to process the returns, less money will be spent printing forms and instructions, less customer service representatives will be needed to answer questions, and you can probably eliminate all of the tax office audit and correspondence audit jobs.
The tax return is 5 lines (the instructions will fit on the back of the form):
Line 1: Your income:
Line 2: X percent of line 1 (with X to be determined by Congress)
Line 3: Withholding
Line 4: If Line 3 is bigger than Line 1 you get a refund
Line 5: If Line 2 is bigger than Line 3, subtract them and enter amount here.
If you have an amount on Line 5, send your check for the amount on Line 5 to the IRS.
But you know why it will never happen? It's the same reason why politicians lie about tax simplification. Take a look at who is the Top money donor to Barack Obama (I just picked him because it's easier than looking up everybody in Congress):
Tax reform and tax simplification mean less income for lawyers (and accountants). You might want to also consider where Congressmen (who are lawyers) might go after they are out of Congress and looking for a job.
Is that flat across all income sources, or does it give special preference to income acquired through capital gains and dividends?
Some people consider income gained from capital gains and dividends to be "double taxation", but I do not.
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