[candybar]

I'm all for high taxes for the rich but this particular scheme is fairly unlikely to generate that much additional tax revenue and I think it's even possible that this will reduce tax revenue. Because income in the form of unrealized capital gains is not taxable at all and corporate tax rates are going to be much lower than 70%, it will certainly cause people to shift personal income into one of these forms. Income tax beyond a certain point is almost always going to be regressive because of the fixed costs involved in converting one type of income to another. A much better approach is making taxes relatively flat and spending more progressive - this is basically how it works in Europe.