You could tax 100% of all of the top 1%'s income (not progressively, just a flat 100% tax) and it'd cover less than double the federal government's budget deficit in the US. There would be just enough left over to pay for making the covid 19 ACA subsidies permanent and a few other pet projects.

Of course, you can't actually tax 100% of their income. In fact, you'd need higher taxes on the top 10% than anywhere else in the West to cover the deficit, significantly expand social programs to have an impact, and lower taxes on the middle class.

It should be pointed out that Australia has higher taxes on their middle class than the US does. It tops out at 45% (plus 2% for medicare) for anyone at $190k or above.

If you live in New York City, and you're in the top 1% of income earners (taking cash salary rather than equity options) you're looking at a federal tax rate of 37%, a state tax rate of 10.9%, and a city income tax rate of 3.876% for a total of 51.77%. Some other states have similarly high tax brackets, others are less, and others yet use other schemes like no income tax but higher sales and property taxes.

Not quite so obvious when you look closer at it.