Once again the Socialists try to make the case that billionaires are stupid enough to keep making billions that you can grab 70% of. They didn't become billionaires (or even multi millionaires) by being stupid. One of two things will happen. After the first year or two of paying those exorbitant taxes they will either:
a) just quite working, buy an island somewhere and live off the money they have
b) move their company-as many have-out of the United States and away from confiscatory taxes. By then the programs that their billions are paying for will have become "rights" and therefore untouchable. So, we then either start taxing the crap out of the middle class or borrow (print) trillions to cover the costs. So the billionaires will be laughing their ass off on a private island somewhere at the fools who killed the goose that laid the golden egg and are now demonstrably worse off than they were under "evil" capitalism.
Capitalism may have its problems but it's so far ahead of whatever is in second place that it's worth the pain.