its a lose lose situation
if you let him tax the rich, it will never raise enough to pay off any of the debt and it may cause some job losses, but I don't think it will really hurt the rich enough to make them sack profitable employees, especially the ones in China.
What he intends to do it to destroy the US economy either way. His main goal is to create rioting in the streets that enable him to use his new powers to lock up all his opponents and run the country under Marshall law.
If the GOP stop him then he will let it go over the financial cliff and that will destroy the economy and bring in Marshall law.
Then there will be no more elections and he will be our eternal dictator