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Thomas Sowell gives a good explanation (and historical example) of why "tax hikes on the rich" do not increase federal revenue--and in fact do just the opposite--and why such taxes on the "rich" harm the overall economy.

Ninety years ago — in 1921 — federal income tax policies reached an absurdity that many people today seem to want to repeat. Those who believe in high taxes on "the rich" got their way. The tax rate on people in the top income bracket was 73 percent in 1921 (more)

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