You do realize that the tax rate wouldn't need to be 40% if everyone actually paid taxes?
So you expect people below the poverty threshold to pay taxes? I really don't get why people have such a problem with the idea that people who make more should pay more. The wealthy owe a tremendous amount of their success to various government programs due to R+D. More tax money means more government funded research which means more new technology for businesses to take advantage of later. Plus you can use to fund things like higher education which leads to a more skilled workforce. There are numerous programs out there that generate or save over two or three times as much as is spent on them. A progressive tax system is key to producing a great nation.
I am not against a progressive tax system. I am against a tax system that rewards those who know more of the rules. When I say a flat tax rate, I am referring to a tax system that lacks write-offs and tax credits. One where the top 1% cannot avoid paying taxes by 'donating' large amounts of money into political advocacy groups that spend that money to create more laws in their favor. Such a system essentially pays the rich to lobby.
Taxes should not be so complicated. Everyone should be able to do this calculation:
[Amount of money I gained this year from employment, interest, dividends, and capital gains] x [Tax rate (based on income bracket)] = [Taxes owed]
The norm of overpaying your taxes all year to eventually receive a tax return is retarded.