Other peoples money...
It is nice that legislators like to spend other peoples money on their favorite pastime: buying peoples votes. It has worked for many a year, and will probably continue. The problem with others peoples money is that you soon run out of it (I believe a great person is responsible for this quote).
You see, 70% on incomes above $10M soon becomes incomes above $5m, then because it isn't bringing in enough, it drops to $1M. By then inflation has risen and just about everyone has incomes of $1M or so, and it all goes downhill.
You see those with incomes or wealth DO something with their money. The list is long, but they don't stash it in Scrooge McDucks's money bin where it does nobody any good. Oh, and they provide jobs as well. I mean somebody has to make the installations of Dell stuff.
As for government (take your pick) moving money around, there is a gross inefficiency there, and lots of bureaucrats to feed, so not 100% of the taxes we all pay get spent on the things necessary (duh!). Keep it out of their hands and we will all be a bit better off.