Would a flat 10% income tax for everyone be fair?

I like this idea... why wouldn't it work?

The guy who makes $3,000,000 pays $300,000.
The guy who makes $30,000 pays $3,000.

No deduction junk, no loopholes. Just a flat 10% for everybody.

Good idea?
Update: ADDED: Not sure this cool table will translate in a cut and paste... but check out the ntu.org site - lots of good info. Who Pays Income Taxes? See Who Pays What For Tax Year 2006 Percentiles Ranked by AGI AGI Threshold on Percentiles Percentage of Federal Personal Income Tax Paid Top 1% ... show more ADDED: Not sure this cool table will translate in a cut and paste... but check out the ntu.org site - lots of good info.

Who Pays Income Taxes? See Who Pays What

For Tax Year 2006

Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid

Top 1%
$388,806
39.89

Top 5%
$153,542
60.14

Top 10%
$108,904
70.79

Top 25%
$64,702
86.27

Top 50%
$31,987
97.01

Bottom 50%
<$31,987
2.99

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

http://www.ntu.org/main/page.php?PageID=...
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