Increasing taxes on the rich sounds like a good idea but it is a complex problem. The mega-rich are the people who have the means to best hide their wealth. They have teams of lawyers to make sure they pay as little as possible (which is not to say they don't pay; they certainly do, a lot moreso than any other income demographic). They also have the means to "vote with their feet" and leave for greener pastures if it serves them. A lot of celebrities did this in Europe in the 70's and 80's when countries started jacking up income and luxury taxes. The Rolling Stones, ABBA, etc. expatriated to countries with favorable tax rates, and their home countries got nothing from them.
Increasing taxes on the wealthy presents another problem, and that is a moral one. Why should the wealthy be forced to pay more? Because they have more? That's never computed for me. If you have eight apples and I have none, I have no right to take your apples. I can take them by force, but I think we all would agree that a system based on this premise, that might makes right, would basically turn us into tribal Africa in short order. When I see the massive protests that come from the left on this issue all I see is an angry mob that wants to take, by force, that which is not theirs in the first place. They claim that it is in the name of "fairness", but how fair is it to take another man's property by force?
Lastly, the biggest problem with this strategy is that it doesn't work. Increasing taxes on the wealthy not only encourages them to hide or move their wealth, it also fails to address the bigger problem: for decades we have been spending money we don't have, on everything from unnecessary foreign wars to MASSIVE entitlement programs. There is literally no way we can tax ourselves out of this problem, and even massive deregulation of industry, which I generally favor, would not spark enough of a renaissance of the American economy to get us out either.
In hindsight, we should have kept entitlement programs to a minimum, and established a flat tax rate, or even a negative income tax, a long time ago.
What is happening in London right now is going to happen here. I don't look forward to that day, but I do look forward to the day after that.
"My first priority will be to reinstate the assault weapons ban PERMANENTLY as soon as I take office...I intend to work with Congress on a national no carry law, 1 gun a month purchase limits, and bans on all semi-automatic guns."-Barack Obama
"When in doubt, whip it out."-Nuge