When people say, "My plan only taxes the rich," we have to realize it is still taking trillions of dollars out of the economy no matter if it's from the top 1% or all taxpayers. The top 1% isn't going to eat that tax hike. It will be passed on to consumers through higher prices, fewer jobs and no pay increases. It will basically take the wind out of the economy's sails and the growth we are experiencing will come to a rapid halt.
The U.S. already has trillions in unfunded liabilities. Even countries held up by Democrats as bastions of socialism are now buckling under the costs. The further we take our economy to the left, meaning more money goes into the hands of the government, where everything is more expensive and less effective, the closer we come to ending up like Venezuela. That country used to be one of the richest in South America, and now is the poorest and falling apart under the socialist policies some in our country are advocating.