Far larger is the impact of the reduction in efforts to increase income.
In effect the impact of the tax is to pay people not to work harder.
Great point Jonose, I should have thought of that. Much much bigger than that is the loss of all the folks employed by the very rich who lose out when the rich go gault. Again, the Luxury tax. This is all old learning. They’re premise of raising 100 billion is false. It will probably net out costing the US 300 billion.