I realize that in a world where ideology trumps practicality at the ballot box every time this makes for a politically ineffective argument, but my belief in increasing taxes on the rich isn’t based on a concept of fairness or communalism, it’s because that’s the where the money is:
[T]he top 1 percent includes about 1.13 million households earning an average income of $2.1 million.
Raising their total tax burden to, say, 40 percent would generate about $157 billion in revenue the first year. Increasing it to 45 percent brings in a whopping $276 billion. Even taking account of state and local taxes, the average household in this group would still take home at least $1 million a year.