Finance is not my space hence I will not be able to answer you accurately. What I do feel is that the pressure of taxation on the middle segment is intense. Taxation on luxuries and wealth acquisition can be made more intense. Perhaps this will create some balance. Yes , you have done good research and provided factual information.
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There is a another dimension that also needs to be explored. Government needs to spend less, spend smarter, spend within budget, publish and follow budget, etc.
No person gets to spend without some recognition of your budget and your ability to pay back all that you borrow.
We should be enforcing same limits on government. If government would just cut spending by 1% per year for next 20 years, the budget would easily balance. Is it really so hard to have the discipline to CUT your spending by 1% per year?
Yes . This makes sense to me. "Government needs to spend smarter ". It is not about less or more. It is about spending and budgeting smarter. Too much money is lost on loose and unnecessary ends. If Government looses money, public suffers.