Our overall system is not progressive. Once you factor in the regressive nature of social security taxes and average sales taxes, you quickly see that the rate of taxes paid on all income remains fairly consistent up until you get to people with a net worth in tens of millions plus who pay a much lower percent rate.
> Once you factor in the regressive nature of social security taxes
Social security is effectively a mandatory pension scheme where you get benefits at retirement based on what you paid in, so calling it a regressive tax seems inaccurate.
> and average sales taxes
Many states have exemptions for essential goods to limit the regressive nature of sales taxes, but yes they are regressive overall.
> you quickly see that the rate of taxes paid on all income remains fairly consistent
I'm not sure what your definition of fairly consistent is, but your first sentence is incorrect above, so it's probably not accurate here either.
> up until you get to people with a net worth in tens of millions plus who pay a much lower percent rate.
This is absolutely true, and is something that should be addressed in my opinion. Just taxing capital gains as income would be a great start, and might be enough.
