If you were to write tax policy...

[opebo]

I would eliminate all sales taxes, and institute a highly progressive income tax with the top rate at 70% (at very high incomes of course).  I would also provide a stipend to all those who had no income, to be gradually reduced as the person 'earned' more money.

[opebo]

Individual including both income tax and Social Security:
0-10,000 = $12,000/year stipend
10K-20K = stipend gradually reduced to 0 at 20K
20K-30K = no tax
30K-40K = 10%
40K-70K = 20%
70K-100K = 40%
100K-150K = 50%
150K-500K = 60%
500K+       = 70%

Inheritance tax =
0-$5,000,000 = No Tax
5 to 10 million = 25%
$10,000,000+ = 50%

[opebo]

opebo, krustytheklown, might I inquire as to why you'd need more than six brackets?  I think even with four you could get what you wanted...
1.poor-lower middle class
2.middleclass-upper middle class
3.rich
4.super rich

There is no disadvantage to numerous brackets.  It takes only moments to figure such things, and in any case a complicated tax code is a boon to employment.

[opebo]

I'd have a single tax for income.  No estate tax or payroll tax,  Gifts and inheritances would also be taxed to the recipient as income, although if they were large I think they should be able to allocate the money over several years for tax purposes.

As for the rates, I would make it steeply progressive.  Everyone making under $100K would pay about as much as they do now (minus payroll taxes), while tax brackets would increase from there so that people making >$10 million/year would pay about 90-95% of their income above this. 

Excellent plan NickG!

As for Philip, he doesn't understand his class identity.

[opebo]

You get to keep $4 million for $400 million of work?

'Work' has nothing to do with persons who have incomes of $400 million per annum.

[opebo]

jfern is right, emsworth is much closer to a Republican than a Democrat.  Possibly at best he could be considered a libertarian.