Our giveaway to the rich GOP tax system is totally out of control... We need a 70% top rate over 10 million dollars to get CEO pay under control too...
Ok, so let's follow that idea to its conclusion.
You say take 70 cents on every dollar over 10 million that someone makes.
Ok, so, they look for more tax loopholes, or shelter their money offshore. Or worse yet, seeing as how there is no reason to produce enough to generate more than 10 million, shareholders call for production cuts, as there is no reason to produce any more than is needed to keep the company profitable. They only need to make enough to pay themselves and their employees, and keep the business in the green. any more is simply just shoveling money to the government, which is not a good business model.
Investors start pulling their money out of the stock market so that their capital gains is just under 10 million, and charitable giving takes a nose dive.
Result: millions of people lose their jobs and their retirement dreams are shattered.