President Obama was quoted today at his news conference:
"Raising rates will not break the backs of the wealthy."
I agree. The wealthy are uniquely able to avoid these higher rates. The net effect of raising rates will be to lower the taxes paid by the wealthy, because they will take measures to reduce taxable income and pay less in taxes.
We are in agreement, Mr. President.
Higher rates will discourage investment, increase the ranks of the unemployment and inhibit economic growth.
What you should have said, Mr. President, and what is true is the following:
"Raising rates will break the backs of the middle class, not the wealthy."