Do that and you’ll be heavily taxing anyone who decides to invest, rather than consume, their income after they’ve already paid taxes on it.
On the other hand, anyone who spends all of their income doesn’t have to pay any more than any sales taxes for spending it all.
That is a major tax hit on those who would do what is better for our economy—and manifestly unfair.
Someone with a bit more saved up might invest in something a bit beyond his control ~ stocks, bonds, simple bank savings ~ maybe a new car so he can travel to a better job. Someone with even more savings might open up a business and employ himself, or maybe just hire a manager to run the shop.
You work your way up the line and you'll find that NO ONE with some little bit of free money (not tied down by basic investments in meat, potatoes and condiments) gives up trying to make more money.
Current rules allow GE to not make a profit ~ so they didn't pay any taxes!
I want that part!