… about 6 percent, according to the Tax Foundation, to theoretically raise the same amount of dough as also having surtaxes on those making over $350,000. Now this assumes wealthy Americans wouldn’t scramble to reduce their tax liabilities via all manner of tax-sheltering strategies. Of course, such behavior isn’t economically efficient as Obama himself knows:

The high marginal tax rates that existed when Reagan took office may not have curbed incentives to work or invest, but they did distort investment decisions — and did lead to the wasteful industry of setting up tax shelters.