Technically correct, but totally missing the point. There’s going to be a big incremental incentive difference between, say 10% and 90% taxation.

Societies taxing their entrepreneurs at 10 and at 90% are always vastly different. This difference in turn heavily influences every participant’s system of motivations, so comparing these two numbers alone is usually not very helpful

An apt comparison is sharecroppers. Their effective tax rate is close to 100% but they still work hard because eating > not eating.