Say for instance right now 10% of the taxpayers are above the arbitrary threshold, let's say $250,000, and they will be taxed 50%. So now they have $125,000. From that, they pay for their insurance, utilities, home, medical care, retirement funds...
Say for instance 25% of the taxpayers fall into the next bracket, let's say $125,000, and they will be taxed 25%. So now they have $93,750. They are also responsible for all their living expenses.
And 50% of the taxpayers fall into the next bracket, let's say $62,500. They will be taxed "only" 20%, so they get to keep $50,000. From this, they pay their living expenses.
The remaining 15% are deemed to have income insufficient to maintain a reasonable standard of living and are not taxed, so 10% of the $2.65M in taxes collected from the self-sufficient is made available to subsidize health care, housing, food, and other living expenses so that no American is left cold and hungry. That's $17,708 subsidy per household, meaning that someone making $15 an hour would have the same net earnings as someone making $30 an hour, and wouldn't have to worry where their next meal was coming from.
Redistribution of wealth, whether through social programs or entitlements, is WRONG.
As the rich become poorer and the poor become richer, the whole reward-for-work concept will go out the window. They may achieve the equality they seek, but only for a moment, as eventually there will be no more rich to pay for the poor. It's like moving money from one credit card to another without ever paying the bill, it's an illusion, there are no late fees, but economically it's not sustainable or paying down any debt.
Vikki 1969 Goldenrod Yellow / black 400 convertible numbers matching
