Obviously, it’s tempting to many to increase taxes on the rich, seeing it as a harmless way to enhance the welfare of the many at a small cost to the few. But the damage to the U.S.’s success machinery could vastly outweigh the sums confiscated from those who are targeted. The “fair share” taken from upper bracket earners has to be kept as small as possible if the tax system is to benefit all of our society. The coming debate over tax increases will be very important in this regard.
via It’s All Very Taxing – Outside the Box Investment Newsletter – John Mauldin.