Confiscatory marignal tax rates encourage smart people to become (lower-paid) teachers and scientists rather than (higher-paid) bankers and lawyers, because the pay disparity is substantially reduced.
And society benefits a heck of a lot more from great teachers than from great corporate counsel or phenomenal bankers.
These sorts of changes reduce the overall tax base — which is a common criticism of confiscatory top tax brackets. But having teachers instead of bankers and paying workers more compared to CEOs is much more valuable to society than those dollars would have been as taxes.
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