we would still need an IRS to make sure people paid their taxes and on the correct amount of income! I won't even mention how probably ever single one of those people in the audience would be paying MORE in taxes each year.

Phase 3. Cruz.

Those making $20,000 a year would miss that $2,000 (on top of state and local taxes), much more than those making $200,000 would miss the $20,000. $2,000,000? : a loss of $200,000. Still plenty to spare after other taxes. This used to sound like a fair idea until I gave it a little thought.

3% of excess net worth (above a certain threshold) each year, every year. Anyone worth less than $250,000 wouldn't pay anything. But someone worth $10 billion would pay $300,000,000 in taxes each year. And there'd be no loopholes for them to escape, either.

I bet the Republicans wouldn't want to talk about that kind of flat tax!

Net Worth---------------Tax (3% of wealth above $250,000)

$0--------------------------------$0
$100,000------------------------$0
$250,000------------------------$0
$500,000-------------------$7,500
$1,000,000----------------$22,500
$100,000,000----------$3,000,000
$1,000,000,000------$30,000,000
$10,000,000,000---$300,000,000

they took much of the progressiveness out by flattening tax rates and by subsidies and deductions that mostly benefit the very wealthy. So today the working class pays more than their share of taxes so the poor ( the working class when not working) and the old poor or the disabled can survive with a minimum of dignity.
We need to revamp out tax system, raising rates much higher than 30 percent for millionaires and much more than 50 percent for billionaires. We also need to force off shore money from staying off shore and tax it at high rates. Then we should turn our attention to the estate tax and lower the amount not taxed to $200,000 or so with progressive rate increases s until we reach 90 percent at estates $1 billion or more.
Let the rich start paying their share. If 90 percent of the income goes to them, it seems they should pay at a rate of 90 percent without complaining.

And, as usual, he's outclassed.

(And what's with the "The 50s called -- they want their workplace policies back" sign in the background?)