I said taxing someone not to raise revenue but in order to hurt them -- to tax them so heavily you kill their incentive to produce more wealth and thereby reduce revenue -- is treating them as an enemy. Sanders-style 100% tax brackets and Toni-style billionaire elimination treat the uber-wealthy as an enemy.
But Eisenhower’s ~91% top marginal rate didn’t seem to create a lot of enmity, or inhibit innovation, or keep the Uber wealthy from becoming even wealthier.
In fact, in that quaint era, it was considered patriotic to be able to contribute so much to the commons.
Billionaires are not the problem now, it’s the race between them that urges them to minimize any such contribution, and eliminate it entirely if possible.
The first American billionaires (JD Rockefeller, Henry Ford) had died by Eisenhower’s time.
No new billionaires were created during the Eisenhower administration* and yet, that era is still widely held out as the most prosperous in American history, and was inarguably a more egalitarian society than the one that had spawned the previous billionaires.
I keep harping on that model because I think it was superior in every regard, to what’s going on now. I admit that other things have changed - most notably, all the easily extracted natural resources in America had not been tapped. But the economic stratification that the high marginal tax rate tended to mitigate, was a GOOD thing IMO.
* possible exception, JP Getty whose wealth was estimated at over 700m in 1957