Absolutely NOT. I hear people complaining all the time about how President Obama is spending us into insurmountable debt, but no one looks at the catastrophic effects the Bush era tax cuts have had on our federal budget deficits and mounting national debt!
NeelanJ - you are naive. The richest people CAUSE investments to rise and fall like elephants getting into or out of a bathtub. Since they KNOW when they are going to do something, they just buy exotic derivatives - like credit default swaps or even the simple puts and calls - which will mushroom when they MAKE them. Explain WHY Freddie Mac and Fannie Mae, supposedly supported by the government went from $40/share to under A DOLLAR and Bank of America "only lost 1/2 its value because it was bailed out. THAT was my bad habit? <br />
Give the rich further tax cuts? I say string 'em up and redistribute their villainously obtained sinful wealth.<br />
The richest don't spend, they HOARD!!! Anyone actually spending a significant portion of their assets don't HAVE many [I include mere millionaires]. Ever tried to spend a $40 million mansion?
I think a flat tax is now in order and it is a great option to keep the middle class from feeling screwed.