Where have 70% tax rates worked? In the USA, for a start….
The Spud doesn’t seem to know his history. Nor does the historian:
And here’s the problem. Hauser’s Law. Pretty much whatever anyone does the Federal tax take doesn’t rise above about 20% of GDP. And it’s not true that those high marginal tax rates of the 1950s did much, even anything, to get that tax take up.
There’s a reason why this is true as well. Taxation of incomes isn’t going to get you much more than that.