Jim
You are so uninformed you are funny. So you believe cut and paste commercials that Karl Rove's Superpac produces? You obviously did not watch that entire Jon Stewart / Bill Clinton interview? I did!
Why raise taxes on the super rich? The top 1% share of national income has doubled over the past 30 years, yet taxes on the top have plummeted. From the 1940s until 1980, the top income tax rate on the highest earners in America was at least 70%. In the 1950s, it was 91%. Now it's half that at 35%.
If the rich were taxed at the same rates they were 50 years ago, they'd be paying in over $350 billion more this year alone, which translates into trillions over the next decade. That's enough to accomplish everything the nation needs while also reducing future deficits.
Still, the rich will find ways to avoid paying more taxes courtesy of clever accountants and tax attorneys. This has always been the case regardless of where the tax rate is set, and some of the super rich will still move their money to the Cayman Islands. But paying taxes is a central obligation of citizenship, and those who take their money abroad in an effort to avoid paying American taxes should lose their American citizenship.
I am not saying to just tax the rich because they are rich. I'm saying we should just go back to the tax rates of Bill Clinton - when the budget was balanced.
