To be clear, the proposal would only tax someone at 70% from the $10 million mark onward. So if you make $10 million in the first quarter of the year, then you are taxed at the same rate as everyone else. After that, you are taxed at 70% for the rest of the income. I do not know about everyone else, but $10 million a year is way more than enough for me to live on, and I could live extremely comfortably with that amount. With that same model, the person has made $30 million in the final 3 quarters of the year. They’ve only been taxed at 70% for $30/$40 million. There is still a lot of money that they have earned from not only the first quarter, but also the last three quarters. Furthermore, they’ve still gained the 30% of $30million. That’s another $9 million. So for the entire year this person has still pocketed $16 million (when doing the math). That is a lot more money than I will ever see in my bank account this year.