It’s Not A Taxing Problem
It’s a spending problem.
Even taxing the top 1% at a 100% rate, you still couldn’t close the budget deficit. Think about that for a minute.
According to 2007 IRS data, there were about 391,000 taxpayers with income greater than $1 million, and they had aggregate taxable income of about $1 trillion. Taxing them at a 100% rate would still not close the annual budget deficit, and if the government did tax them at 100%, the following year there would be no income to tax.