Are you keeping the same set of deductions/credits in your proposal? It may be counter-intuitive to some, but the framework of credits and deductions currently in place favor the middle and upper-middle classes. Where the rich make out like bandits is on the capital gains side of the equation, where capital gains are given a healthy preference over ordinary income. It's not quite that simple, but those at the higher end of the income scale are the ones reaping the largest capital gains both in real terms and relative to income.