The Great Divergence

[kandrathe]

And while flat tax makes some sense, there's some articles out there (I would need to go find them) that show mathematically why a flat tax won't work (it boiled down to cost of goods and services compared to the amount of net income someone has after taxes are figured where a 15% flat tax against someone in the poverty line area would make it next to impossible for them to survive adequately whereas 15% against someone making $150k a year would be negligible to them).

But... I was talking about taxing net worth, and something like 2%. Someone whose net worth is $20,000 would pay $400 per year. So, add up money in savings, stock values, property and other hard assets -- keep retirement, college trusts, and medical savings account out of it for now). Warren Buffet personally who was until recently at a net worth of like 62 billion, would owe $1.25 billion in taxes.

http://www.forbes.com/2009/09/30/forbes-..._land.html

The Forbes 400 who own collectively $1.27 trillion at just a 2% tax rate would owe $25.4 billion.