Future tax may be 70%

Get ready for a 70% marginal tax rate – Michael Boskin, WSJ

… teacher in California earning $60,000 : A current federal rate of 25%, a 9.5% California rate, and 15.3% payroll tax yield a combined income tax rate of 45%.
… Covering future Social Security and Medicare deficits brings the combined marginal tax rate on that middle-income taxpayer to an astounding 71%. That teacher working a summer job would keep just 29% of her wages.
At the margin, virtually everyone would be working primarily for the government, reduced to a minority partner in their own labor.

M.Boskin : Professor of Economics, Stanford University. Senior Fellow, Hoover Institution.
Chaired Council of Economic Advisers under President George W Bush.