i was thinking that we currently have 5 income tax brackets that have relatively arbitrary income levels before they kick in.
Would it be better if we had a system that lined up each tax bracket to the income quintiles (20%)?
The advantages of this would be:
* better understanding of where you sit on the income ladder - a lot of people have no idea, especially those around the average wage who think that puts them in the middle of the pack when they're really up in the top 25-30%
* it would help to better align capacity to pay with the rate of taxation.
I'd like to see the scales adjusted every 3 years to account for the changes in income distribution.
* note - I'd actually like to see a smaller share of tax revenue from income and corporate taxes with a shift to taxing land / consumption / resources