I think not only think it's bad because it would slow the economy and therefore LOWER revenues; I think it's IMMORAL.
It's immoral that people who are more successful and EARN each year more than #$200,000 - and even people earn a BILLION per year - should be penalized because they are among the elite ACHIEVERS.
Remember folks, the Left ain't talking about tax rich people's NET WORTH by some sort of excise tax. The Left is talking about raising the INCOME TAX - a tax on what people EARN.
Why should a person who can EARN a million bucks be forced to send more money to Washington so career politicians and lobbyists can decide how to spend it!?!?
The person who EARNED it has a moral right to spend as much of it as he wants on whatever he wants.
We have a MORAL right to the fruits of our labors - TO WHAT WE EARN!
Lincoln made this MORAL IMPERATIVE the bedrock of his opposition to slavery.
Raising the income tax is fiscally wrong and morally wrong.
There is not a single good reason to raise the income tax on ANYONE.
The only reason the Left - and the Democrat party the control - wants to do it is VISCERAL: they have a visceral need to TAKE STUFF AWAY FROM THEIR OPPONENTS AND GIVE IT TO THEIR FACTIONS.
OBAMA admitted as much during the 2008 Democrat presidential debates when he admitted that raising the capital gains tax would lower receipts, but that he would do it anyhow "in the name of 'fairness'": HOT AIR (2008):
SENATOR OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.
We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year — $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That’s not fair.
And what I want is not oppressive taxation.
I want businesses to thrive and I want people to be rewarded for their success.
But what I also want to make sure is that our tax system is fair and that we are able to finance health care for Americans who currently don’t have it and that we’re able to invest in our infrastructure and invest in our schools.
And you can’t do that for free, and you can’t take out a credit card from the Bank of China in the name of our children and our grandchildren and then say that you’re cutting taxes, which is essentially what John McCain has been talking about. And that is irresponsible.
You know, I believe in the principle that you pay as you go, and you don’t propose tax cuts unless you are closing other tax breaks for individuals. And you don’t increase spending unless you’re eliminating some spending or you’re finding some new revenue. That’s how we got an additional $4 trillion worth of debt under George Bush.
That is helping to undermine our economy, and it’s going to change when I’m president of the United States.
MR. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.
SENATOR OBAMA: Well, that might happen or it might not. It depends on what’s happening on Wall Street and how business is going. I think the biggest problem that we’ve got on Wall Street right now is the fact that we’ve got a housing crisis that this president has not been attentive to and that it took John McCain three tries before he got it right.
And if we can stabilize that market and we can get credit flowing again, then I think we’ll see stocks do well, and once again I think we can generate the revenue that we need to run this government and hopefully to pay down some of this debt.
Read and listen very carefully to this. The higher priority for Obama isn’t to raise revenue; it’s to ensure fairness.
In order to do that, he will have the government take a bigger share of the gains and redistribute them through social programs to others. The pretense of having more money acts as a veneer for good, old-fashioned redistributionism.
"FOR PURPOSES OF FAIRNESS" IS A LEFT-0WING EUPHEMISM FOR TAKING IT AWAY FROM THOSE WHO EARNED IT AND GIVING IT TO THEIR CRONIES.
AND ANOTHER THING:
EVERY DAMN THING OBAMA SAID IN THAT DEBATE - AND IN THE CAMPAIGN - WAS A LIE.
HE HAS BORROWED MORE FROM CHINA.
HE HAS NOT PRACTICED "PAY AS YOU GO".
HE HAS NOT STABILIZED THE MARKET.
HE HAS NOT STEMMED THE HOUSING CRISIS.
OBAMA IS A TOTAL FAILURE.
AT EVERYTHING. EXCEPT LYING.
BUT THOSE LIES ARE FINALLY CATCHING UP TO HIM