"45% of taxpayers won't pay any taxes this year either because they don't make enough money or they have claimed enough deductions ... on the other hand, 99.7% of people making over 1 million will pay taxes; a few super-wealthy will not pay taxes due to elaborate tax planning."
Check out the article which breaks down those who don't owe taxes by income bracket. 68% of those making less than 50,000 won't pay any income tax. CNN Money article, 45% Don't Owe US Income Tax
"The official tax rate for corporations is 35%, but IRS says most companies pay on average 27.5% and some pay less ... mostly due to the many tax breaks given by our government ... President Obama wants to close the tax loops, but this will likely require a major tax system overhaul."
Without enough information about how the system really works and how cutting tax breaks will really affect the economy (which none of us is likely to know or be able to ascertain), it's difficult to determine a fair and workable solution. Unfortunately, we are trusting politicians of all political parties who are responsible for the current economic problems in the first place, to come up with solutions - not likely to be successful.
On the surface, it seems that a standard tax rate for everyone might be useful. We could also eliminate IRS tax audits (and nasty auditors) which would likely save the government money and might do a lot to boost the economy. This is just one area that the government needs to fix in order to resolve the national debt crisis.