So in other words, the bum down the street pays the same tax rate as the billionaire's spending up the hill? Take your average thrifty bum. Pays X% on the tota

So in other words, the bum down the street pays the same tax rate as the billionaire's spending up the hill? Take your average thrifty bum. Pays X% on the totality of what they earn, minus some lump sum. And your average billionaire. Pays X% on the totality of what they spend, minus the same lump sum. That doesn't quite seem right, unless you tax financial transactions at the same rate as groceries. It might be just me, but methinks Wall Street will have none of that. As to not needing tax auditors, just no. You'll still need to audit companies, and their incentive will be sky high to get cash transactions and declare only some of them.