A longish one, again...
Heavy taxation was always self-defeating, with the country losing progressively more for every tightening of the screw. Overtime and enterprise weren`t worth it. Emigration was. The higher the tax rates, the less there was to tax. It was crazy. If I`d been Chancellor, I`d have made Britain a tax heaven, and welcomed back all the rich who had taken their money and left. A 50 percent tax on a million was better than a 98 percent tax on nothing.
Dick Francis
The above, of course, is correct, but the Author (one of my very favourite writers, BTW) seems to forget them that have no millions to take and leave. Them that produce. And pay draconic taxes too. Squeezed dry, they just stop producing and go bankrupt and go on welfare. Which means more taxes needed to prevent them from starving...