Imagine taking 100% of a rich persons money... making them poor again. That would be a first. (This law will never pass and we know it)
The UK had 91% tax from 1945 - 1963
https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates
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Didn't know that!
But it’s not normally 90% of everything.
It’s normally (for example):
First 12K - no tax,
next 13K - 20% tax
next 50K - 40% tax
next 50K - 50% tax
anything above that 90% tax
