Now, this doesn't directly translate to higher taxes on the wealthy (there are a lot of factors that go into effective tax rate) but it puts the handwringing around AOC's 70% top tax bracket in perspective.
Taxes never were that high in reality, so we can't draw any conclusions on what such a high tax would actually do.
People may have this fantasy about rich people that they're just hoarding money like a dragon hoards gold. In reality, rich people invest their money, which the government wants them to do, so they don't tax investments (capital gains) that highly.
...but pretty much nobody in those brackets actually paid those rates:
https://www.bloomberg.com/opinion/articles/2019-01-29/hollyw...
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To the people who don't get the point:
Taxes never were that high in reality, so we can't draw any conclusions on what such a high tax would actually do.
People may have this fantasy about rich people that they're just hoarding money like a dragon hoards gold. In reality, rich people invest their money, which the government wants them to do, so they don't tax investments (capital gains) that highly.