It's all backwards if you ask me.
Most people make money on investments and not income. That is, the income they earn they save to invest. That's how you create personal wealth.
So why is income taxed so heavily vis-a-vis investment income? Why not take less up front (the less the government has the less it can spend, the less the government knows where the guns are the better) and leave more in the pockets of people.
That way, it frees up cash for smart people who want to increase their wealth. The ones that choose not to and spend it on other things, that's their business.
Alas, in these political times, adovcating for lower taxes makes you an "extremist." Check that. "Right-wing extremist."
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