What's the feedback mechanism to moderate inflation and environmental destruction? I suggest that you stop believing that income tax is at all sensible. All overhead costs of civilization should be consumption taxes, paid at every step of exchange, with a UBI to ensure people have enough resources to say "No" to the wage-slavery system if they want to grow their own food and build their own home in a place they can take care of. I submit that all demand for resources needs to be taxed at decision points (checkouts), where all political power is rendered in capitalist societies.
Go to www.fairtax.org and consider what the rate and prebate should be, then run some numbers again based on a new mentality: one where each demand for a resource is countered by immediate information of the overhead costs to society and the environment. Consider that if we don't turn around our proxy rape of the planet and convince people that we are supposed to be serving the planet, not consuming it, we will never end the disparities of blind competition and aristocracies.
What are people for? Certainly it's not to service the Invisible Hand Job and private jets for a few bullies.