Not only that. By increasing income taxes so steeply the State is incurring in perverse incentives or negative incentives, so people decide to not work a 20% more time to earn 20% more if that extra money is going to be taxed at a 50% rate.

Perverse incentives are an absolute disaster for the economy of our countries. Recently the socialist party approved in Germany an income limit for parents to receive income replacement benefits when being on parental leave. What was the result? From my group of friends in all cases the lesser earner from the marriage (the woman most of the time) has stopped working in order to not reach the income limit. This results in less income tax collection for the State, a poorer family and a less productive company. No one wins.