I think it's well established that higher tax rates don't equate to revenue being a higher % of GDP... Additionally, lowering the CG rate resulted in higher CG revenue, about double. So anyone who wants to raise the tax rates on "millionaires and billionaires" is either wanting to do so out of ignorance or sheer malice and envy.
I would (maybe) agree with you IF we didn't have this huge deficit (that the GOP in particular seems more worried about).
In this time of huge deficit, and in light of the fact that the top wealth has gotten greater in this period of dramatic downturn for everyone else, it seems fair to me that the cuts to welfare programs should be AT THE LEAST matched by an increase in taxes for the top 2%.
Neither spending cuts or increased taxes will resolve the debt ON ITS OWN. . .but a combination of the two will make TWICE the dent.
And, by the way, I am still not convinced that higher tax rates will bring the GDP down. . .what brings the GDP down is the lack of demand, both within the US and abroad. . .and that diminish the revenues available to the government, at a time when there is a GREATER demand for assistance to people who suffer the most from the downturn.
Unemployed people are no more responsible for the deficit than the wealthy are. . . probably less, as they have not as much invested in Wall Street, multi-million dollars homes, and do not receive "corporate wellfare!"
But the very wealthy do not suffer from this downturn. . .on the contrary, big corporations are loaded with money, and the wealthy investor can, if he choose, take advantage of the disastrous housing market to purchase dozens, even hundred of bank owned properties for close to 1/2 the price they were valued at even 2 years ago. . .and rent those properties for premium dollars to the people who have lost their home!
It is obvious that when the times are good, the wealthy are more than happy to "share in the wealth," and increase their holdings. . .
Well, it seems fair than when the times are bad, they should be asked to "share in the pain" as well.