The 47% marginal rate is just the start, after that you’re looking at VAT/sales taxes of 15-20%, additional taxes when you buy a car and again when you fuel it up. Duties on alcohol and tobacco, stamp duty when you buy a property and capital gains tax when you sell it.
If you’re poor and live off the system, or earning CEO money and raking it in you’re fine. Those in the middle feel it worse.