> Even if this became the law no one with more than a half of brain would ever pay 70% tax. People earning north of $10M usually have a team of tax advisors, and a lot of options of avoiding income tax: offshore companies, charity foundations, etc. The discussion about this is just a distraction from more pressing matters.

It's a fallacy verging on propaganda to argue that a reform should not be pursued because another policy can be used as a loophole. All that means is that the reform needs to be more holistic to be successful.