In theory, in practice the very rich pay an effective tax rate of around 20%, because they can turn it into capital gains and dividends with lower rates than income tax.
So we need to increase taxes there rather than income tax, and, I would personally argue, begin taxing wealth rather than just income when people have millions of pounds of assets.
Of course, I'd also argue we should have higher bands, once we fix the other problems and people are actually paying those rates. Paying say, 60% over a million pounds of income seems totally reasonable for me. You've already got a huge amount of income at that point taxed at a lower rate. You can afford to pay more, and should want to in order to get a better society to live in.
So we need to increase taxes there rather than income tax, and, I would personally argue, begin taxing wealth rather than just income when people have millions of pounds of assets.
Of course, I'd also argue we should have higher bands, once we fix the other problems and people are actually paying those rates. Paying say, 60% over a million pounds of income seems totally reasonable for me. You've already got a huge amount of income at that point taxed at a lower rate. You can afford to pay more, and should want to in order to get a better society to live in.