Soak the rich.
You know what the problem with soaking the rich is? We're soaking the wrong ones. Hedge fund managers take almost all of their income in cash. Consequently, we tax that income more heavily than we do others who take their income in other forms. Celebrities, for example, take much, if not most, of their income in social status and self-actualization. When the Beatles were paying a 95% tax rate, they were still performing. By contrast, as Britain has recently discovered, a rate of 50% was ineffective at raising revenue from run-of-the-millionaires. Other than ticket sales, it's rather difficult to tax legions of adoring fans directly. However, most celebrities would continue to produce and perform just for their art and their status. In other words, celebrities are inflexible suppliers. Consequently, they can be taxed heavily with minimal impact on the total supply of entertainment. Tax the rich, but take a broader view of income and soak the celebrities.