Yeah. You won't kill the goose that lays the golden eggs - because that goose can run. Capital and wealthy individuals will simply leave the US and go elsewhere, where they and their talents and their capital will be welcomed with open arms.We should raise taxes on those making 250K...maybe three tiers up to 50-70% on the top with obvious deductions for investment in American corps hiring American workers.
They already are - in rapidly increasing numbers.
At 70%, you'll see the few thousand wealthy Americans tax refugees renouncing every year hit 5 figures. Not good for America. Americans needs to wake up to the fact that the US is no longer the only, or even the shiniest, Eldorado in today's world. We are in cut-throat competition now for capital and the most innovative and brilliant people, and it's an uphill battle. Steve Jobs and Mark Zuckerberg might be one in a million, but there are a thousand more just like them in China, and the surest way to get less of something is to tax it more.
Dumb idea, and a foolish price to pay, when this doesn't raise any really significant amount of new revenue, in comparison to what's needed to right the fiscal ship. There simply aren't enough '1 percenters' to even make a dent in the vastly over-bloated black hole/money sink inside the Beltway.
Go ahead and wage your progressive class war on the wealthy, but don't pretend it won't have negative consequences. You'll get exactly what you're wishing for - Amoerica reduced to a lower common demoninator.