We already have a progressive tax system where higher income levels are taxed at a higher rate. The question is where to ratchet up those rates and by how muc

We already have a progressive tax system where higher income levels are taxed at a higher rate. The question is where to ratchet up those rates and by how much. In order to do that reasonably, we need to understand what the marginal utility [0] of money is for our society as a whole. Put simply, anyone could spend $100k a year, most people could find useful things to spend $1M or $10M on annually. But the higher you go, the harder it is to find meaningful things to spend money on. Each extra dollar is simply worth less than the last (and a lot less than the first!) So while a 90% rate on income above $3M[1] might seem insane today, it would not even be a historic high in the United States. Whether it is fair or moral to tax in such a way is another question, but practically speaking high taxes affect rich people less the richer they are, and we as a society have historically been willing to take more from them because of that. [0] https://en.wikipedia.org/wiki/Marginal_utility https://en.wikipedia.org/wiki/Marginal_utility [1] https://en.wikipedia.org/wiki/Income_tax_in_the_United_States#History_of_top_rates https://en.wikipedia.org/wiki/Income_tax_in_the_United_State...