A 90% federal bracket, combined with 10+% State tax (ex: 12.3% top bracket in CA), combined with no deduction for State and local taxes (because only standard deduction right?), would mean you’d literally lose money by making more money.

Don't forget an extra 3.8% Medicare tax.

“Why you’d quit?”

“I couldn’t afford not to!”

» “I couldn’t afford not to!”

States will adjust their income tax brackets if we make taxes at the federal level reasonable. Perhaps, reasonable people will prevail and it well end state and local income taxes (and increase property taxes to a reasonable level instead).

Our income taxes are already progressive. Wealth gets a free pass: https://www.nytimes.com/2012/11/19/opinion/to-reduce-inequal...

What we really need are land taxes and progressive consumption taxes.

I disagree with you on this. While I support higher land taxes, the reason is to prevent land and homes from sitting vacant. I'm not trying to reduce inequality. I'm just trying to fund essential services.

As for taxing wealth, I think the best bet is a Paris Hilton tax of 90% for inheritance exceeding a certain value (I propose 100x yearly minimum wage or $3M at $15/hour). So if you inherit more than $3M over your life time, all additional inheritance will be subject to 90% inheritance tax.