The truly wealthy are not too adversely affected by any of this discussion of tax cuts or extensions. Warren Buffett is famous for saying that he has no problem with higher income tax hikes for the rich, and the liberals like to refer to his statements.

The fact is that income taxes do not subtract from the wealth of Warren Buffett. You can take 100% of Mr. Buffett's income and he's still a billionaire with his wealth in tax shelters.

You are, though, taking the hard earned income from, say, a restaurant owner who struggled for years to get his business off the ground with, maybe, years of zero net income for himself, as the receipts were funneled right back into the business. If he finally makes a success of his business, his reward is the confiscation of much of his success without regard for his past years of struggle.

Higher tax rates on "the rich" also do not really take into account the years of struggle and college loans of a doctor, for instance, who after many, many years of study and expense is now "rich" although laden with onerous student loans. His practice is going to grow at a much slower rate if tax rates are confiscatory. He's going to hire less people and purchase less equipment and expand his business much more slowly.

I know people are going to "pick" at my examples, but I'm only trying to illustrate a point for the "class" envy-ists. If you over tax the producers, less is produced. Less production leads to less growth, less jobs, less infrastructure, less supplementary spending period.