As expected of weebs, utter morons about taxation and proper chuds about it, bringing Portland into the discussion. In reality, marginal income tax rates have reached about 90% at times and it worked out very well. It's actually normal and healthy for the highest echelon to pay that much. The way progressive taxation works is like this
1% up to 1,000 = 1,000/100 = 10
10% from 1,000 to 10,000 = 9,000/10 = 900
20% from 10,000 up to 50,000 = (40,000/100)*20 = 8,000
50% from 50,000 up to 100,000 = 50,000/2 = 25,000
90% from 100,001 upwards = (X/100)*90
Meaning that someone making 100,000 pays 33,910 as the progressive tax brackets don't apply to the brackets below it, they don't pay 50% on all they own, only on that 50k. That way you are incentivized to continue growing your wealth to a certain extent. But, at say, a billion dollars it becomes diminishing returns because your personal growth would hinder the rest of the economy and give you oversized influence over the market.
1% up to 1,000 = 1,000/100 = 10
10% from 1,000 to 10,000 = 9,000/10 = 900
20% from 10,000 up to 50,000 = (40,000/100)*20 = 8,000
50% from 50,000 up to 100,000 = 50,000/2 = 25,000
90% from 100,001 upwards = (X/100)*90
Meaning that someone making 100,000 pays 33,910 as the progressive tax brackets don't apply to the brackets below it, they don't pay 50% on all they own, only on that 50k. That way you are incentivized to continue growing your wealth to a certain extent. But, at say, a billion dollars it becomes diminishing returns because your personal growth would hinder the rest of the economy and give you oversized influence over the market.
