From my perspective, we are being fed a bunch of BS by both sides of the tax issue.  Obama wants to raise the rate on who he calls the rich.  Well, actually that's a lie.  Because small business, chapter S corps, etc., all get included.  So, it's not the "rich" billionairres he's talking about, it's any business that makes gross revenue of 250K and who files tax returns that fold this into their personal tax ID, such as chapter S.  The repubs argue the "rich" invest in things that generate jobs.  Well, that's probably true in some cases if you believe that the "rich" buy stocks, land, bonds, etc...  but imo doubtful for individuals.  Thus you end up having to look at the "rich" corportations and small business.  Alas, raise their taxes and you are going to get a couple possible outcomes. One, they will simply adjust their prices to offset the expenditure and allow them to continue business expansion, profit margins, etc... or two, they are going to eat the expenditure but limit expansion.

From a purely economic perspective, the right answer is to separate business income from personal income.  Then, let Obama has his way for "rich" individuals whose income is not a part of business income.  Now, let the repubs have their way by not raising rates on business income.  Seems so obvious to me.  But alas, Obama doesn't want to fool with restructuring the tax code that would allow this distinction.  Repubs don't want to either.  So both sides are waging a press war in which they are both distorting the truth of the issue.  Why can't we find one single news source that would dare to tell the public the truth.  I hate em all.