This is an excellent article by Thomas Sowell at IBD. It dispels the myth that taxing the rich more will somehow make the economy better.
Dissecting The Demagoguery About ‘Tax Cuts For The Rich’
By THOMAS SOWELL
Democrats’ insistence that the “rich” pay more in taxes is rivaled only by Republicans’ apparent inability or unwillingness to engage them on this specific issue. In the following excerpt from testimony submitted to the Senate Finance Committee, economist Thomas Sowell attempts to fill that void.
At various time and places, particular individuals have argued that existing tax rates are so high that the government could collect more tax revenues if it lowered those tax rates, because the changed incentives would lead to more economic activity, resulting in more tax revenues out of rising incomes, even though the tax rate was lowered.
This is clearly a testable hypothesis that people might argue for or against on either empirical or analytical grounds. But that is seldom what happens.
Truth, Lies and In Between 