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I'm working on the Saez-Zucman-Warren tax proposal -- which is, by the way, a real proposal, much more so than the (not at all stupid) suggestion by @AOC of a 70% top rate. It's simultaneously radical and serious, and worth analyzing closely 1/ gabriel-zucman.eu/files/saez-zuc…
It's a really big deal. It would raise around 1% of GDP, entirely from the top 0.1% of wealth owners; meanwhile, the top 0.1% of income earners (not quite the same people, but close) gets around 9% of total income, so this is a double-digit rise in their effective tax rate 2/
Taxing wealth is also a new thing, although middle-class families, whose wealth is largely in their houses, pay a lot of property taxes. And the wealthy, who own a lot of corporate equities, used to pay much higher de facto taxes on those assets via the corporate profits tax 3/
In fact, 1% of GDP in extra taxes here would less than offset the big decline in corporate tax receipts as percentage of GDP since the 1960s 4/ 
How worried should we be about incentive effects? Saez-Zucman devote a lot of attention to tax avoidance, and argue that it wouldn't be large. What about incentives to invest etc.? Here's where the extreme progressiveness I think actually helps 5/
I mean, how many entrepreneurs will be deterred by the prospect that they might pay extra taxes on their SECOND $50 million, and a further surcharge on their second billion? 6/
The political obstacles would of course be formidable (although the public overwhelmingly favors higher taxes on the rich.) But anyone dismissing this as a wild and crazy scheme is revealing more about themselves than about Warren and her advisers. 7/
