Request a CBO review of the revenue implications of a 50-50 tax plan, and support the same if feasible.

A 50-50 tax plan is simple. Each employed individual tax-payer gets a $50,000 tax deduction, or $100,000 for a married couple. All income above that rate, including capital gains, is then taxed at a rate of 50%. All other tax deductions and credits are eliminated.
Under this plan an individual making less than $50,000 would pay no income tax. An individual making $75,000 would pay 50% on the $25,000 which is above their deduction, or $12,500 in income taxes. An individual making $500,000 annually would pay $225,000.
Please have the CBO review this plan, and if it will generate sufficient revenue, please introduce it and support it. This plan would allow massive cuts to the IRS, and save individuals money paid for tax preparation, while reducing most people's tax burdens.