10% would not be sufficient. The estimates I seen are closer 30-35% would be required.

In 2007, according to Census Bureau data collected from IRS-aggregated Form 1040 filings, Americans earned $17.8 trillion dollars from all sources: wages and salaries, interest payments, dividends and capital gains, gambling earnings, pass-throughs from their small businesses, and so on. In 2007, according to Government Accounting Office data, Americans paid an aggregate of $1.15 trillion dollars in taxes on that income, under the varying rates and filing categories.

That was a 6.5% tax rate, in the aggregate; I'm actually proposing a net increase.

On the other hand, required for what? It's not yet been established that the government needs all the revenue it's collecting now.

Eric Hines