There has been talk of raising the tax rates to 70-80% to help pay for the Green New Deal. The problem is that there aren’t enough rich people to even make a down payment on their socialist utopia.
One thing I find interesting is their justification for people only keeping a small portion of what they earn. In his famous “You Didn’t Build That” speech, President Obama the real reason for a business’s success is what the government did by building roads, etc. The more popular opinion is that they are evil people (unless they are Democrats) who made their money by stealing it.
The real question is whether or not it’s a good idea. The problem is that the Far Left doesn’t understand incentive. They assume that no matter what government does to them, the rich won’t change what they are doing. It is in everyone’s best interest that they invest their money in ways that grow the economy and add jobs. I believe that the combined state and federal rate should not exceed 50%. If it does, then saving money on taxes is more profitable than earning more income. That is bad for the economy.
We are all better off if Congress makes decisions that aren’t based on hatred of the targeted group. Unfortunately, I don’t see any signs in that direction.