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

[dunno001]

Hrm... personally, I'm a fan of a huge simplification of the system. This is what I would do:

-Remove all deductions. There are way too many loopholes here. No bonuses for people who pop out kids and live on welfare. The only thing that can remain is single vs "partnered" (married needs to be removed for same-sex couples), in which case, all numbers except for percentages are doubled.

-Create a simple tax ladder, of the following:

• $0-$36,000: Not taxed. (Up to $3000/month is tax-free.)
• $36,001-$120,000: 20% in excess of $36,000. (Up to $10,000/month covers all middle classes.)
• $120,001-$480,000: $16,800, plus 35% of excess of $120,000.
• $480,001-$1,000,000: $142,800, plus 45% of excess of $480,000.
• >$1,000,000: $376,800, plus 55% of excess of $1,000,000.

-Impose a penalty on those found to be using an overseas tax shelter. Money recovered from a tax shelter is to be taxed at the rate of 98%.

-Money put into a retirement plan IS taxed at entry, however, upon qualified retirement, any interest earned is NOT taxable. As taxes were paid at entry, this can be accessed without taxation if eligible. Interest is added to one's personal earnings if there is an early withdrawal. (Thus, this can also be tapped in an economic crisis, where someone just got laid off and needs to pay their bills.)