The Self-Destruction of the 1 Percent

[Onkel Neal]

The Self-Destruction of the 1 Percent

In the 1950s, the marginal income tax rate for those at the top of the distribution soared above 90 percent, a figure that today makes even Democrats flinch. Meanwhile, of the 400 richest taxpayers in 2009, 6 paid no federal income tax at all, and 27 paid 10 percent or less. None paid more than 35 percent.

Alas, why can't we make it simple and just have all individuals pay a flat rate on their income, say 15%. No exceptions, no loopholes, no deductions.