I’m looking for serious answers to understand the mentality. Please avoid the snark. I know it’s low hanging and tempting but I’m pretty sure most, if not all, of use here on Lemmy “get it”.
I just can’t get out of my head how absurd it is that we, in the U.S. anyway, put so much of the tax burden on working class folks instead of those most benefiting from our economic system.
It seems to me the standard deduction should be at least the median personal income (~$40k) if not the mean(~$60k) with progressive tax brackets adjusted to cover costs thereafter and possibly a supplemental wealth tax.
But I’m not an economist so trying to understand why I’m wildly wrong and this would be a terrible idea either from an economic perspective or from a political perspective.
I think you need to take a step back and stop talking about income tax. Instead, talk about wealth distribution overall. What about businesses? What about corporations? What about passive income? What about savings that’s passed to children? What about inheritance tax? What about tax fraud and tax evasion? And I meant to separate those explicitly, because there are many weak points in the tax code that allow for companies to take advantage of the ability to send money overseas, for example.
If all you’re doing is adjusting the standard deduction or the base exemption or the top threshold for social security payments, you’re ignoring the gigantic high-dollar figures that are happening with the billionaires and the largest corporations in the world. And if you ignore them, then there’s no way you can fix the corruption that’s plaguing modern society.
Of course I think you were trying to keep your focus narrow, which is a reasonable thing to do, but it’s also worth noting in at least one comment that the big picture involves much more important questions about how we should allow wealth to be redistributed.