What % of tax revenues should the rich (top 5%) pay?

[SamuelRSmith]

Soleron said:

SamuelRSmith said:

Assuming that I had my way on all of the above, and the Governmental debt was 0 or close (like, under 10% of GDP), then I would see no valid reason for an income tax at all. At any level. Also, low capital gains, inheritance and corporation taxes.

What about picking one kind of tax and only doing that? Why do we need so many kinds of taxes?

Then you could lay off 90% of the IRS/Inland Revenue/etc.

Considering all the small ways we are currently taxed, a 50% average income tax would probably be less than the UK pays now [given national insurance, VAT, petrol duty, import duties, capital gains, ..... ]

Well, I would significantly reduce some taxes - in fact most of the ones you list will be nullified (NI, fuel duty, import duties), and the others (VAT, capital gains), significantly reduced.

I think the problem with sticking with just one tax and keeping it high (so, if it turns out that the typical person loses 50% to tax, so kill all other taxes and just have a one lump sum tax of 50%), is that it will unfairly tax some people (it assumes £2,000 collected a year in fuel duty, typical - how is that fair on people who don't drive, for example?). Once you start means testing, and allowing for changes based on what people do and don't do, then there Inland Revenue costs will start climbing again.