I'd go back a few years further to LBJ removing silver from American coinage, a key event in the ongoing destruction of the dollar. The 1965 minimum wage paid in 1965 90% silver dollar coins would be worth around $30/hour in today's fiat money. FDR confiscating gold and devaluing the dollar was bad but not catastrophic. Woodrow Wilson's creation of the Federal Reserve enabled the later mischief. The rot had set in when Nixon officially took us off the gold standard and engaged in assorted other economic stupidity. Of all these events, LBJ's economic manipulation to cover the expense of his welfare/warfare state was the worst in my opinion.
Throw in the dividend double-tax that discourages dividend payments that help keep public companies honest (accountants can fake many things but not cash payments), the massive leverage generated by Wall Street banks (derivatives, options, CDOs, etc) that enables all sorts of heads-we-win/tails-you-lose mischief, the federal government encouraging real estate asset bubbles (Fannie Mae/Freddie Mac, mortgage interest deduction, CRA, etc), and you come to realize that this hasn't been a capitalist nation in a very long time.
Austrian school economists have been warning the world of the dangers of the Keynesian economics practiced by "mainstream" economists for generations now. It looks like we're heading for the "crack-up boom" they predicted, with the Obama Administration accelerating the end-game dramatically. What's fascinating is that Marx understood the danger of undermining currencies as well.
Anyhow, if you want to steal wealth from the average family there's no surer way than printing lots of new currency, which dilutes the value of existing currency, and handing that new currency to your buddies on Wall Street (Goldman Sachs/etc) and politically connected corporate socialists. Talk of manipulating the income tax is laughable misdirection in comparison to this.