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You've just described a flat tax rate.

http://en.wikipedia.org/wiki/Flat_tax

You can count me into the people who support flat tax rates, if for no other reason to stop the pointless millions of hours of productive time wasted trying to rort the system. While people will always cheat, if all income is taxed at a flat rate, at the source, then the incentive to spend money on tax accountants falls.

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The Negative Income Tax seems like an interesting flat-tax proposal that could even satisfy those in favor of progressive taxation for political reasons: http://en.wikipedia.org/wiki/Negative_income_tax

See also the Bradley X Tax, which is a value-added tax melded with an income tax. The income tax can be as progressive as you like, and the VAT is equivalent to a flat sales tax.

http://en.wikipedia.org/wiki/X_tax http://www.princeton.edu/~ceps/workingpapers/93bradford.pdf

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