And you will be right on that assumption, long time ago I read a study that basically said that most of those that are rich today are new rich, basically they did not got their wealth because a rich family member gave it to them, they got rich because of their own effort and ingenuity and the moment you take away what it is rightful theirs then that is when the economy begins a path from which the only direction it can take is down, taxes are a way to lower the difference between the rich and the poor but governments waste them and the difference never seems to decrease.
The problem with taxation is that most of the tax revenue is used up for unproductive purposes, such as paying salaries and pensions for government employees and to conduct wars. A very small fraction is being used for the education and medical sectors, which have the capability of pulling people out of poverty. The rich pay more than 50% of their income in the form of various direct and indirect taxes. And they continue to pay taxes on whatever amount that is left after the tax cut, in the form of capital gains tax. The governments need to balance the tax requirements to make sure that successful people are not unduly punished for their success.