If you start taxing the “rich” at rates of 70% or more will you soon not have any rich to tax? France and New York imposed a millionaires tax and their millionaires simply left taking their money with them. If you were very successful and made a million dollars only to have the government take most of it in taxes why would you bother to run a successful business?
Because you can promise to be Santa to the shiftless and buy their votes with my money.