Yes, the rich will find ways to avoid paying more taxes, courtesy of clever accountants and tax attorneys. But this has always been the case, regardless of where the tax rate is set.

Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.

I've been paying a lot of money in state income taxes, and I've been happy to do it, but when this last thing happened, this 50 percent increase in the tax rate, it was just too much.

The United States already has the highest corporate tax rate in the world.

One tax dodge often used by multi-national companies is to squirrel their earnings abroad in foreign subsidiaries located in countries where taxes are lower.

Ford's federal income tax rate was just 2.3 percent in 2009 even though it made $3 billion in profits.