>>>I think I've said here before. Show me a rich man made poor by taxation.They don't exist or have a bad accountant.
>>>
>>I apologize for interruption, but I disagree with this particular point, because you unnecessarily simplify the case. Not every person is Bill Gates; some (many) people wealth could be sensitive to taxation.
>>I hope you will not debate the general point that taxation reduces wealth? When people wealth reduced they become poorer. Exact border between 'rich' and 'poor' cannot be determined, but when scale tipped to 'poor' direction then it is realistic to expect some people shifting over the line.
>>By the way, there are historical examples when taxation was used to wipe out wealth and wealthy people. Some of them were intentional i.e. government wanted it, and in some other examples it was collateral damage.
>
>So are you saying that tax increases proposed by Obama also target the low paid. ?

I am disappointed that your reply is so short. I was prepared to debate in full historical perspective, but if you want let's return to earthly income issue.
Tax increases move people to lower-income (net income, after-tax) category, i.e. their wealth will be reduced. Who is wealthier/lower paid: a person making $100K/year and paying 40% tax, or a person making $80K/year and paying 20% tax? Try this math and you will see that 'paid' level approach could be misleading. One should talk about net income, i.e. how much a person finds in his/her pocket after all taxes paid. In this sense, taxation makes everyone poorer.
Obama immediate tax policies target people with higher income, though it is not millionaires only. It will be felt to good portion of 'middle-class' too. In more general perspective, Obama economic policies, involving huge non-economic spending, will make inevitable, in near-term future, to expand tax increases on the rest of middle class (people below 'middle class' rank do not pay taxes in America), and then some guys currently in this middle category will drop to 'poor' ranks, i.e. will have to rely on government handout programs. Basically, Obama policies accomodate social shift to poorer society, i.e. more and more people relying on government help, i.e. one where independent wealth (i.e. people able to exist without government financial assistance) slowly disappears.