TOP 5% = 1/3RD OF THE CONSUMER ECONOMY

HERE'S WHY "TAXING THE RICH" IS AN AWFUL IDEA:

...the Top 5 percent in income earners — those households earning $210,000 or more — account for about one-third of consumer outlays, including spending on goods and services, interest payments on consumer debt and cash gifts, according to an analysis of Federal Reserve data by Moody’s Analytics. That means the purchasing decisions of the rich have an outsize effect on economic data.

IF YOU "SOAK THE RICH", THEN YOU KILL THE ECONOMY ALTOGETHER.

CONSUMERS ARE 65% OF THE OVERALL ECONOMY, SO THE RICH ARE 22% OF THE OVERALL ECONOMY.

SCARE THEM AND YOU GO INTO RECESSION.

HURT THEM AND IT COULD BE A DEPRESSION.