Even if tax increases are limited to the so-called rich, Mr. Obama’s plan, compounded by state and local taxes, could slow the overall economy. Maybe we have not reached our limit yet. Maybe we can have a tax rate of 50 percent to 60 percent on income above $250,000 and people will still work. But at some stage the law of diminishing returns sets in.
— Bob Packwood, former chairman of the Finance Senate Committee
