If you consider raising taxes on everyone a step in the right direction...here your direction you like to see.
Job Losses: Large declines in persons working, over 1 million estimated in 2013 and in excess of 3.5 million in 2014. The unemployment rate would rise 0.4 percentage points in 2013 and an extremely large 1.5 percentage points in each of 2014 and 2015. This would move the unemployment rate toward 9%, reversing its intended direction of movement and worsening the already negative economic, political and societal consequences of a continuing depressed jobs market.
Declines in Economic Growth: Significant declines in real economic growth of 2.6, 3.3, and 0.5 percentage points over 2013 to 2015—up to $855 billion of lost output, which would take the economy into negative territory and another recession.
Lower Consumption Spending: Lower consumption spending, down about $1 trillion per year, on average, over 2013-17, beginning with a relatively small decline of $343 billion in 2013 and jumping to $1.2 trillion in 2015.
Reduced Capital Spending: Substantial hits to business capital spending with losses of $13.4 billion in 2013, $68.5 billion in 2014, and $95.2 billion in 2015.
Financial Market Disarray: Reduced employment, reduced consumer spending and reduced capital spending with major negative effects on corporate earnings. The stock market very likely would sell off sharply, estimated at nearly 18% per year over 2013 to 2017. This represents real money being lost in the retirement and pension accounts of ordinary Americans.
Deficits and Debt: Even worse, the intended aim of the tax increases to reduce deficits and debt relative-to-GDP would be overwhelmed by the losses of real GDP and much lower prices, after the first year, ex-post, with higher deficits and higher debt-to-GDP ratios, not lower. This austerity program of tax increases, like the now-discredited austerity used in the Eurozone, would prove totally counterproductive just as it has there. Rather than improve the federal budget position, it would worsen, with the same negative interaction of fiscal restraint on economic activity than GDP with fewer tax receipts than originally expected, along with problems for financial institutions and a need to consolidate balance sheets in a collapsing world.
Dont worry...you will get your wish to make the rich poorer...but your poor but will be living in a tent by a ditch...good luck
