Raising tax rates on the "wealthy" during an economic downturn is a recipe for economic disaster.
Hoover tried this tactic in 1932 (Revenue Tax Act), which was the largest peacetime tax increase in history.
The Act increased taxes across the board, so that top earners were taxed at 63% on their net income.
The 1932 Act also increased the tax on the net income of corporations from 12% to 13.
75%.
You don't need a calculator to do the math.
That increase occurred less than three years after the1929 stock market crash.
If President Obama has his way, he will try to repeat history and increase taxes on the "wealthy" (two years after the near collapse of the nation's financial system) for the same reasons Hoover sited when he signed the legislation - to reduce the federal deficit.
If you want to stop economic growth, increasing taxes is the way to go.
If the GOP does not fight this tax increase, and stop President Obama's attempt to repeat history, our economy will stall and slide into another recession.
The "wealthy" in this country have been branded by the left as evil.
These "wealthy" are not evil.
They represent the American Dream achievers.
Individuals who take economic risk, who start businesses, who innovate and who employ people.
The byproduct of seeking the American Dream is employment.
Some call it trickle down economics with a scowl.
American Dream achievers should not be punished with punitive taxation.
Rather, they should be held up as real-life American heroes.
They should be rewarded with lower taxes(reduced tax on capital gains, dividends, interest and business profits).
They are the heartbeat of America's economic system.
Takeaway the incentive to seek unlimited economic prosperity, through higher taxes, and you destroy the American Dream.
There is a reason why immigrants from all corners of the globe risk life and limb to get to our shores.
It's the American Dream.
If we continue to label the "wealthy" as evil and, thus tax them differently than everybody else,then we will destroy the American Dream.
The tables will have been turned.
Instead of immigrants fighting to get to our shores, our own children will be forced to seek the American Dream elsewhere.