French President Francois Hollande is accused of seeking to end the French way of life because he wants to tax income over $1,300,000. During World War II in the United States of America there was a top level of 90% tax on income over a million dollars a year. We had this quaint idea that in the midst of a crisis everyone had to pay their fair share. That 90% top rate did not end for twenty years. Despite “confiscating” the wealth of those with money, the US enjoyed a boom economy and the middle class did very well. Conservatives decry raising minimum wages to $9 an hour which they claim will lead to less profit and fewer jobs. Of course, the boss can take a lower wage which would free up money to avoid firing people.
These days the average income of a CEO in America exceeds a million a year. I have a hunch most could get along on $900,000.