Iona is a retired school teacher whose pension income is $18,000 per year. She also receives social security income of $12,000 per year. Jay is a young man who does not choose to work. He inherited $600,000 from his Aunt Midge which he invested in a bond fund that provides a 5% return, generating $30,000 income per year. If we are concerned about the horizontal equity of taxation, should consider these two people equals and tax them equally? Explain why or why not.