Why Should Australia Pay 70 % Income Taxes?

The only way to totally disincentivize the profit motive is to have a tax rate of over 100 %. If taxes are increased enough, wealthy people could just choose to leave the country. Capital flight has kind of become a big thing in the past three years. Could governments around the world be doing a better job of effectively taxing extremely wealthy people? Absolutely. But governments also have to realize that people with lots of money have lots of options, and tryg to get too much out of them can backfire.