I learned something new in an article at money.com about the dual tax code that was first established by the French and has since been adopted by nearly all developed nations out there, except the U.S. The article offers a simplified overview of how the system works and how it could be adopted by President Bush if the correct tweaks are made.
So basically what is potentially being proposed is to have a 25% tax on all income above $100k (less than that is tax-free), and then there is a secondary federal tax on all consumer goods or a consumption tax. This type of tax is intended to encourage people to save more of their money and allows the government to operate with an extremely efficient tax code.
Opponents to these ideas say it is an unfair tax burden on the poor because a greater percentage of their income is spent on consumer goods. They also point out that it has been difficult for European countries to have restraint when it comes to keeping the consumtion tax at a constant and reasonable rate, since it is so easy to increase by 1% which then cranks up government revenues substantially.