One thing that's missing, particularly in the tax cuts for the rich debate, is the difference in actual tax rates for us middle class and the rich. From my pay check withholding (single) I'm paying about 30%, plus my employer is paying another another 7.6% for SS, plus sales tax and my taxes are pushing north of 35%. The rich on the other hand pay mostly capital gains which maxes out at 15%. Throw in deductions for things like real estate and such and the real tax rate is probably closer to 10%. (Citations and actual figures gratefully accepted)
The rich dont need additional tax breaks. They need to pay tax rates closer to what the rest of us do.
It's not their fault you chose to depend on earned income for your livelihood. Judging from your comment, you're obviously aware that they were smart enough to earn their livelihood from portfolio and passive income so instead of punishing them for that, why don't you do the same thing?
Obviously, a passive income doesn't just depend on "smarts", it also requires initial assets and cultural capital that are generally inherited from the previous generation.
The rich dont need additional tax breaks. They need to pay tax rates closer to what the rest of us do.