In US your income is high, but costs are very high as well, hence $1 mil is a surprisingly smaller amount of money that you might imagine otherwise.
In addition, the tax is proposed to be coming now and improvements later, but so far I personally haven't seen ANY improvements in government/state services here in the last, say, 30 years, give or take. They will spend the money as they will see fit.
It's still
a good bit of money. Granted it's easy to have one's lifestyle "adjust" to where a million a year is "pin money" but at that point you have other issues to deal with.
In terms of Govt spending, well we did get one hell of a 20+ year fake "war" for our $$$ and I am impressed so far with my COVID shots....
Yea, but you cannot buy a ranch (big enough) for it and you also cannot convert it to, say, VTI (totl market) and live on dividends.
IMHO, 20% (or 23.8% for more than 500K) tax was about optimal (not too little and not too much).
43.4-56% is at or approaching confiscation levels, no matter what someone can say about social causes.
In order to make a mental determination, make a thought experiment: would it be fair if you took $50K in gains and they were ALSO taxed at 43-56% after you held for multiple years (not short-term trading profit)?
It's a simple Kantian ethics (Golden rule): "Act as you would have others act towards you."
Or hinduism: "Do not to others what ye do not wish done to yourself..."