We do not have enough information. To know what the law would mean to people someone needs to present a bill, state what will be taxed and what will not, then have examples of how it would affect various income groups. That way people can make a rational decision. I do however feel it will be better for wealthy people, let's face it, no one is going to spend 100% of what they make on taxable items. This means that the maximum equivalent income bracket will be less than 23% no matter how much their income is.