Plus a whole lot of "I've got mine and I like the idea of only a few of us having as much as me, else I won't be as special"
The answer for these wealthy hypocrites is a wealth tax, not higher marginal tax rates. Let’s apply the current highest marginal income tax rate to their net worth every year.
Per Forbes, the friend of the masses Mr. Buffet, has a net worth of $45 billion in 2011. The top federal income tax bracket is 35%. Let Mr. Buffett pay 35% on his $45 billion or $15.75 billion. After all, it would only be “fair” from the progressive perspective. The next year he can pay 35% on his remaining $29.25 billion. After a few years he can become a common man!
High marginal income tax rates only serve to raise the bar on hard workers trying to accumulate wealth resulting in fewer new wealthy people and preserving the economic power of the existing wealthy. Start taxing the existing wealthy on their net worth and you’ll hear Mr. Buffett, Mr. Gates, the Kennedy heirs, Mr. and Mrs. Kerry, Miss Winfrey, the Clintons, and even King Barack sing a different tune.