Taxing the rich at 90% would gain a little revenue the first year and revenues would decline thereafter, possibly precipitously. The rich would cease earning taxable income and would rapidly change their citizenship and domicile. Lower and lower incomes and assets would then be defined as “rich” of necessity and the middle class would utterly cease to exist in only a couple of year. I suppose this would be regarded as a successful policy by the liberals and the communists.
There were tons of loopholes in the 1950s. This is liberal la la land.
http://www.wsj.com/articles/SB10001424127887324705104578151601554982808
Hence my tag line lo these seven years.