Revenues go up with a growing economy. Raising the costs of transactions is going to create less of them than there otherwise would have been. What rates would you like to see on cap gains and the top income bracket?
We tried that, remember? It didn't work. That was the GWB song & dance routine, for sure. It's just that growth never occurred at a rate sufficient to overcome the tax rate cuts. GWB & a Repub congress doubled the national debt in that particular flimflam.
Where do the rich keep their money? Mattresses? No they keep them in banks which the banks then loan out to lower income workers when they buy their cars and houses.
Sounds peachy, except that the general population is deleveraging from the Ownership society, paying off debt & saving rather than borrowing. Anybody who bought a house during that period will be deleveraging for a very long time to pay down an underwater mortgage. Anybody whose credit was ruined won't be doing much borrowing, either.
Of course, there are lots of opportunities offshore, and plenty of US govt bonds available because of ultra-low taxes... maybe that has something to do with deficits, huh?
Now you've resorted to simple name-calling using terms you obviously don't understand. Tax rates on the wealrhiest are much, much higher in other first world countries, and were in this country prior to Reagan. The Rich were, nonetheless, quite rich, and will remain so while paying higher taxes.
The "poor" here live better than the "poor" just about anywhere else in the world. Do you have any counter examples?
So what? That's mere attribution, anyway. Can you show that poor people are worse off in Scandinavia, Germany, or the rest of first world Europe? You'll need to do that to support such an assertion.
Poverty is a relative term, not an absolute, as it relates to any culture. This is a rich country, not a poor one, so it's reasonable to think that poor people should be better off than the poor of Bangla Desh...