Taxes on Lifetime Income: A Good Idea?

Answer: No.

Why? Because the moment you suffer catastrophic wealth destruction, you're fucked for life, with the tax based on your "to-date" income hanging around your neck like an albatross.

Imagine a 6-figure earner reduced to flipping burgers, and now sentenced to paying a punishing chunk of their $1000 a month to the taxman for the rest of their lives.

I like how raising taxes on gains (aka unearned income) seems to be off the table.