An excellent read from the New York Post:
A “soak the rich” plan makes no sense in under current economic conditions. Soaking the only people left with disposable income to spend and keep working-class Americans working is one of the dumber things you can do at a time when you need the rich to spend more, not less.
In the real world, millionaires react the same way everyone else does when they have less disposable income: They cut back.
And “millionaires” often own the same small businesses that the president vows he wants to help to expand so they can hire more workers.
How does hitting small-businesses owners --whose profits often get taxed at personal-income rates -- with even more taxes incentivize them to hire more workers?