120% Tax!?

"Assemblyman Ron Kim, representing part of Queens, stated:

'90% of NY: Tax the damn rich

'Cuomo: Well, I think it’s unconstitutional and what if they leave us and won’t finance my political future?

'Me: Then let’s raise their rates to 120% to confiscate their wealth & put them in debt before they leave us.'"

He appears to be conflating income and wealth, not realizing he won't be getting their wealth beyond the 20% margin above income.

He seems to have not thought past time period one when there'll be no more income from them to tax, much of their wealth will have left the state, and the assets left behind (abandoned or sold) will be much diminished in value.

There's an old story about a goose who lays golden eggs and a foolish and greedy king. Apparently this Assemblyman has never heard it.