We have a minimum wage, why not a minimum tax rate?

[1-Old-Man]

Let's just pick a percentage, let's say 10%, and use that as the minimum tax that anyone above the poverty level has to pay on gross income from all sources, no deductions at all. If you make 12,000 a year at some minimum wage job you won't owe anything but if you make more than 20,030 (family of 4) you'll have to pay on it but also if you make 1,000,000 in a year the very minimum tax you will be obliged to pay will be $100,000. Now you can go do your taxes and may in fact owe a lot more than the minimum but no matter how crafty your tax preparers are there will be a floor, a minimum you will be required to pay, based on every dime of income you had, on these shores or any other.

How's that sound?

[snot]

1. We used to have an "Alternative Minimum Tax" –

sorry, I hate math and don't remember the details.

[Fumesucker]

2. Regressive as hell, that's how it sounds.. n/t

[Progressive dog]

3. sounds like another regressive tax proposal to me nt

[AnotherMcIntosh]

4. The Minimum Tax was adopted in 1969, and we now have the Alternative Minimum Tax.

A predecessor Minimum Tax was enacted by the Tax Reform Act of 1969 and went into effect in 1970. Treasury Secretary Joseph Barr prompted the enactment action with an announcement that 155 high-income households had not paid a dime of federal income taxes. The households had taken advantage of so many tax benefits and deductions that reduced their tax liabilities to zero. Congress responded by creating an add-on tax on high-income households, equal to 10% of the sum of tax preferences in excess of $30,000 plus the taxpayer’s regular tax liability.
http://en.wikipedia.org/wiki/Alternative_Minimum_Tax

For the current rules, see the additional information on Wikipedia.