Have to think about that one. But I think the bigger issue might be what counts as taxable income.
Do you prefer that high earners reinvest their income - or stash it away?
What is their incentive to do so?
I prefer that everyone pays a fair share, and that every state gets a similar ROI based on the money they send to the feds. I prefer less government subsidies for industries that do not need it, which would reduce taxation, potentially. We know that some income gets taxed in some states, not in others. So, for example, in NJ social security is taxed, but not in PA. That hardly seems fair. I don't even know why a state CAN tax Social Security, and we can count that among the many things I don't know about the tax codes of the feds and states. But I don't buy into the idea of a plan to "soak the rich" is a fair one anymore than I buy into the notion that corporations should be exempt from taxation because it hurts the economy.