For the sake of discussion let’s say people making over 1 million a year were taxed at 70 percent. Forget ten million, let’s make it one million. Let’s go full blown ISM (socialism, fascism, communism) and tax all the high earners.
Where would the money go?
Personally, I would like to see free higher education for everyone. How many people would take advantage of it? In all honesty, how many people would get a degree in a useful field and become productive members of society? Too many people have been told to “follow their dreams” and got degrees in fields they will never be able to find gainful employment.
For example, a local teacher has a masters degree in art history. With what she makes as a teacher it would take decades to pay back her student loans. Enter the wealthy grandparents who paid for her education.