A great article from NPR below this post. In addition to what they've stated, there's another reason why soaking the "rich" (I use the term loosely) is a dangerous federal strategy: the government doesn't seem to comprehend 21st-century behavior of the Laffer curve. Many of us are exquisitely positioned to turn our own incomes on a dime (pun intended). I've already voluntarily reduced my own revenues because I felt I was paying too much in taxes (I also pay self-employment tax, so my total is more severe than for a conventional salaried worker). Increasingly, today is not like the before-time, when everyone was basically tied to a one-employer scenario and didn't have at-will income control. If they jack the upper brackets too high, they may get a stunningly-swift surprise in terms of lower (not higher) tax revenues and the reduced economic activity that they would reflect.