Hey....why don't we just tax every dollar earned over $3 million dollars at 70% and call it a day?

Ummm...they did that. In 1932. It failed miserably. Every dollar over $25,000 was taxed 95%. At the time, $25,000 was a fortune, so the People went for it, hook line and sinker. Unemployment shot back up, and so they decided to back off, but they wound up at your 70% mark for a loooong time. Reagan was the one who finally knocked it off, but then Bush 41 took office, with his read my lips nonsense. He expanded the size of the Federal Government, and had to raise taxes as a result. Hence, today's distaste for tax cuts. I wonder, who do you think buys all of the new cars that are still being sold? If they had to rely on those who needed loans, GM, Ford, and Chrysler wouldn't have sold a single car this year.