Large numbers of people don't understand what a billionaire is.
If you, like most of us, ONLY make $1 million a year, it would take you 1,000 years to make $1 billion.
Or, if REALLY lie most of us, you make $50,000 a year, it would take you 20,000 years.
TWENTY THOUSAND YEARS!
If you tax someone who makes a billion a year at a 90% top rate, they would "only" take home $100 million a year.
A bit of British history: we had a horribly organised tax system which could end up with a maximum tax rate of over 100% and created the "tax exile". We ended that stupidity. There are other taxes, VAT is a sort of sales tax and the scary 20% rate doesn't add to income tax.
A 90% income tax rate might be too high but our current tax system is at the opposite extreme. Right-wing political parties don't like the idea of the rich paying taxes. They lie about how the system works.
Dave Johnson
Wolf_Baginski