Wrong in what aspect? Did I endorse such system, or simply described reality? If I tell you right now "your tax rate is now 90%". What will you do? For peopl

Wrong in what aspect? Did I endorse such system, or simply described reality? If I tell you right now "your tax rate is now 90%". What will you do? For people that work for minimum wage, you are ultrarich. I'll tell you what you'll do: leave the country. And even if you don't, everyone else will. But governments now are a bit smarter than that. Instead of raising your tax rate they will simply devaluate your money through inflation.