Great column Professor Sowell!
I always feel compelled to point out a less often consequence of higher taxes on the rich - the way it effects the smallest businesses, service businesses that are often run by one person, or with a tiny number of employees.
These are the gardeners who drive around town with a lawnmower or pool cleaning equipment in the back of their ancient pickup truck. The lady who scrubs the toilets of her neighbors to make ends meet. The massage therapist, manicurist or hairdresser who rent a station in a salon. When "rich" people making $250 thou has less money lying around to spend on themselves these entrepreneurs are the ones who suffer the most.