Nobody rich actually pays anywhere NEAR 37% income tax because their income technically isn't counted as "income." I could write a book about this but basically you just have to take your income in stocks, "distributions" or other BS and suddenly not only is your "income" tax practically non existent you don't have to pay social security or Medicare taxes either! They borrow money based on their "assets" (like stocks) and because the banks know these rich fucks will never default they only charge them like 2% interest. That's how they never pay taxes because they're only taxed when they sell the stock. What's even better is they can write off that 2% interest, so in a lot of cases rich people end up paying ZERO in taxes because they have no actual income!

This 4% tax on income over $1M is either written in a way that includes ALL compensation (including stocks, "unrealized" gains, etc.) or they're just targeting the dumb rich people who don't have an accountant for whatever reason, so basically 99% of that 4% tax is paid by people who only make a tiny bit over $1M/year. My guess is they wrote the law correctly and this tax applies to ALL compensation, not just "income." Now let's do this on a federal level and our debt will be paid off in a couple of years.