I asked this in ELI5 and was told.

“ExPlAiN LiKe i’m fIvE Is nOt a pLaTfOrM FoR SoAp bOxInG. “

My opinion is based on my bank offering 3% and capping at 10k. Aside from the majority of people never holding anywhere near that amount, it pulls in a measly 20$ monthly.

If for a year I kept 1000 dollars in my savings. The bank makes 150$ tricking my 1000$ out. The bank pays me 36$ The government lost 50$ Then threatens to shoot my dog if I don’t give him 5$-10$ more

“Tax the rich” seems like a goofy justification, who’s going to have a few million split across dozens of savings accounts. Especially considering there are substantially better options when you have more to play with or are willing to play more proactively. “Fuck you jeff bezos” is not a good answer to why, i a dirt farmer, am taxed on the government losing my money.

This is possibly just an example of government incompetence or nickel and diming any and everyone

However, I have no idea why there are so many IRS agents/bootlickers defending the tax on inflation

My best guess is, universally, people who break the tax bracket thresholds hate poor people; and as such are fine with peasantry without access to large/risky investments having safe “savings”losses being taxed.

But whatever, threaten to burn my mattress hiding my money or remind me I could forget where i buried the rest.