The 'Glanz Proposal' requires three simple changes to the current tax code.
1. Get rid of the "plus" equation. Meaning instead of everyone (even people making millions) paying 10% on the first $8,700 and 15% on any income over $8,700 until $35,350 etc. Let's just have everyone pay the % on the bottom line, final $ number of income. Meaning, someone making $388,351 should pay 35% on his entire income not 35% on the $1 that he made over $388,350. (These numbers are based on the current tax rates for a single person but the same idea would apply to any tax status)
2. Let's lower the tax rates for those that are in the 10% bracket to 5%, 15% to 12%, 25% to 20%, 28% to 25%.
3. Let's keep the 33% rates where they are and let's raise the 35% to 37%.
This will solve the problem. Do the math.