The richest Americans’ tax burden has decreased significantly since the mid-20th century. At the same time, the national debt has grown rapidly over the same time period. Increasing taxes on the rich to help cut down the national debt and increase tax revenues will benefit all Americans in the form of a more stable economy and funding for government services.
Taxing wealthy Americans at the rate that'd be imposed by this bill would weaken their ability to invest in activities that grow the U.S. economy. Additionally, it’s never easy to raise as much money as predicted from tax increases, as people change their behavior and investments to dodge as much tax liability as possible.