In the UK, once you reach £100k they tax you at the 40% rate plus begin removing the tax-free allowance. Giving you an effective tax rate of 60% up to about £121k. That's on top of the 20% VAT and 20% corporation tax paid out by the company. And employer's/employee's national insurance. And the VAT on any goods you buy with the earned money and fuel duty if it's petrol.

I'm a contractor so I can choose to stop earning at that point - and I do. If other people are taking the same philosophy I'd imagine they're losing quite a lot of money.