I realize I'm preaching to the choir here - at least for the most part. But in response to a hot topic on reddit, I figured I'd give non-socialists a chance to answer. I honestly believe reddit is composed of intelligent people, but I completely disagree when it comes to politics - especially economic policy - on that site.
The main reasoning from the top comment is that the rich hoard their money preventing it from being re-circulated into the economy. But wouldn't that decrease the supply & increase demand aka making your money worth more? Assuming making your money worth more is a bad thing ("then everyone would hoard!"), why is giving it to the government a good thing? Am I the only skeptic that believes the government is just a bunch of talking heads that give tax revenue to their rich friends? And even if the government perfectly reallocated money, what would be the point of working? If I'm getting money from not working...I'm not going to work.
So the big question, why have higher taxes on the rich historically correlated to higher economic growth?
Edit:
Here's the link to the reddit comments
http://www.reddit.com/r/politics/comments/11ok1e/overall_higher_taxes_on_the_rich_historicallyHere's a link to the data
http://conceptualmath.org/philo/taxgrowth.htm