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Did it hurt revenue in the 90s? Of course not. Why, because for a tax increase to actually reduce revenue it has to be so high as to provide a disincentive to production. Thats economics 101 there.
If Obama was talking about raising taxes on the top bracket to some never before seen level, you would have a point. However, with him just talking about returning to 90s levels on the top bracket, we will indeed see an increase in revenue just we did back in the Clinton years.
Fairness has nothing to do with this. Its simply an issue of pragmatism. We are not raising enough revenue to meet the fiscal obligations we have placed in the public sector. Thus we need to raise more money or cut spending. If we are going to raise more revenue, then we should do so from the group that which a tax increase would have smallest economic impact on, that would be the top bracket.
I am going by what the man said. all this otherstuff you all are arguing is not the point.
The poing is he is willing to monkey around with peoples money by raising rates on certain tax brackets for the sake of "fairness" even if it means lowering revenue to the government.