That would work to eliminate tax planning but not enough to fund our current beast. I personally believe that 5-6% is about the max that people would pay without taking serious steps to avoid it. If it were ever passed I'd be able to make tons of money helping clients invest and make their business more profitable. It would be great.
That's the idea, to starve the current beast.
Sort of like the citizens being lil' Jenny Craigs
http://jbs.org