Typical libstain wants your money so she can spend it. Fuck all that.
It's not tax revenue they're after. It's power. Very few wealthy people will pay 70%. They'll leave the country first, and politicians know that. So, such insane tax rates always come with a wheel barrow full of "incentives" and loopholes. Congress uses these as carrots and sticks to manipulate society, to control private wealth. As long as rich people do as they're told, and don't piss off Congress, they'll be left alone, with most of their wealth intact.
There are 134 countries around the world with higher tax rates than the United States. Given that a rich person is unlikely to move to a 3rd world country, where will they go to after they leave the United States? If its a first world country, the tax rate will likely be the same or higher.
That's not the point. The point is they won't willingly work for the government as slaves. No one would.
Working and paying taxes is not the definition of slavery.
Mkay. I won't quibble with you over definitions. But most people will do their best to avoid giving up 70% of their income to the state. Which is why these kinds of tax levels are always accompanied by a bunch of loopholes and exemptions.