Taxing income is just an efficient way of taxing wealth i.e. what's left over after people pay for basic needs. The top 4-5% have 60%-65% of the wealth yet pay

Taxing income is just an efficient way of taxing wealth i.e. what's left over after people pay for basic needs. The top 4-5% have 60%-65% of the wealth yet pay only 50% of the income tax assuming your data is correct (wikipedia says top 5% pay 59% of income taxes). Other taxes(FICA, etc.) are often regressive. The top 5% pays just 44% of all Federal taxes. This suggests that the tax code favors the wealthy if anything. http://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States http://en.wikipedia.org/wiki/Wealth_inequality_in_the_United...