A new study published in the prestigious Journal of Economic Literature finds that a “flat Laffer Curve” effect is created when the top income tax rate rises above about 40%.

According to the study, “increasing the top tax rate raises relatively little revenue.” Higher tax rates simply mean lower economic growth at that point. See figures below.

In other words, there are little if any economic or revenue gains from rates above, say 50% (when state and local taxes are added in). The economy begins to shrink as rates go higher. Bernie Sanders has suggested a tax rate on millionaires and billionaires of as high as 70%. This would make everyone poorer by shrinking the economy.

That’s exactly what progressivism does.

Why not a Steve Forbes flat tax instead?