Scandinavian countries have had tax rates of 110%.
110???? LOL LOL! What the hell?? So ALL the money a person would make would go to the government PLUS 10% extra? Who the hell would live there??
How do I pay more than I have?
Not any more. When ABBA and Björn Borg (for two) made noises about leaving for tax havens they revised their corporate tax structures to accommodate 'stars' and start-ups AND dropped individual rates. Example is Denmark had Corp tax of 50% in 1985, it is now 22%. 2018 max individual rates are 57% Sweden, 55% Denmark & 48% Norway BUT that comes with excellent social system benefits.
Note to any Bernie Brothers reading here, like all of Europe, they are paying a maximum of 4% GDP into defense / NATO (except Sweden) and someone else is paying the rest.
That’s the Wealth Tax in action.........taxing your accumulated wealth, IRAs, savings, stocks, bonds, etc. is a Socialist Country thing.
That was actually challenged, though a tax rate of over 90% isn’t much of an improvement.
In 1976, Lindgren learned that because of tax laws requiring her to pay both income tax and employer’s fees, she would effectively be taxed at a rate of 102 percent.
https://www.thevintagenews.com/2018/01/04/pippi-longstocking/