In the condition where the ratio of taxpayers contributing to the treasury is nearing equality to the numbers withdrawing from the treasury, the current revenue state of the government is not sustainable. Conceptually, everyone needs to pay a share into the system, to provide a stable "revenue" stream to the government to fund the various necessary programs. This is a proposal to institute a flat taxation system on income with no loop-holes or deductions for ALL people residing in the US or US Territories.
10% on taxable income from $0 to $10,000,
12% on taxable income over $10,001 to $50,000,
15% on taxable income over $50,001 to $110,000,
17% on taxable income over $110,000 to $250,000,
20% on taxable income over $250,000 and above