This is why taxes in 1950 had a stated rate of 90% on the top bracket. While most of the wealthy used write offs to avoid the full 90% the effective tax rate was high.
The effective tax rate is higher again now. I do not have the figures at me finger tips.
If we default on the debt in the next month the plan is to take power and lower taxes on the top bracket. This would stop much of the infrastructure budget outlays and stop the US from retooling. We would shrink our economy. But the wealthy would not pay as much in taxes.
Sounds like a plan, sarcasm.