Comment by _DeadFred_

Imagine the risk of not being able to diversify your portfolio and putting all dependency on one income source. How do layoffs, broken health/major sickness, automation, local downturns get compensated by reducing future taxes? If I'm laid off for a year, then find a new job, I still pay the full tax amount on my income from that point forward, no 'loss deduction' from a year being unemployed. If I get sick with cancer and miss years of work then return, I still pay the full tax amount on my income.