It doesn't discourage productivity from the wealthy because the wealthy don't obtain and maintain their wealth through labor. It's inheritance, and investment, and finance games. It's the 90% of Americans of are being overly taxed. And it's them who are adversely impacted by excessive taxation. I think it's really important to seperate the wealthiest 5-10% of the nation from the lower 90-95% because it's really two completely different circumstances and dynamics that at play. Motivations are different, taxation impact is different, spending is different, etc. What's good for one isn't necessarily good for the other. And the best interests of country are poorly served by treating them as one for purposes of taxation.