Warren Buffet penned an op-ed piece where he said the wealthy should pay more tax. The Tax Foundation, imho, opinion gets it right where Mr. Buffet gets it wrong.
Rather than repeat what the Tax Foundation wrote, I’d like to emphasize that if there comes a point where my earning more gross revenue will not cause me to make significantly more net revenue, I won’t earn more gross revenue. Back in the 1930s – 1950s, the top marginal tax rate was at least 70% (and that’s before state income tax). If I got to that level, I would turn away business: Why work for more revenue when I wouldn’t get to keep it?
And the final point that I’d like to emphasize is that nothing prevents Mr. Buffet (or anyone else) from sending more money to the federal government. You can send a check to the “Bureau of Public Debt” or pay online.