The Ernst and Young study predicts that the tax increases will slow investment, resulting in slower growth in employment and wages. Compared to their model’s baseline predictions, the higher-tax economy would have 0.33 percentage point lower employment after 10 years and would asymptotically approach 0.5 percentage point lower employment. In terms of today’s population, that would be 710,000 fewer people holding jobs. In addition, real wages for those with jobs would decrease by 1.8 percent on average.

Because the effects take place over time, they may seem small in any given year, but they build. Long-run models don’t focus on the timing with which effects come into play. However, based on their 10-year figure, a back-of-the-envelope calculation shows that the model probably predicts more than 2.6 million job-years lost in the first decade. If strong effects of the tax increase are felt immediately, as the second study suggests, then the lost job-years in the first decade might be around 3.4 million

Here is another gem from the study:

The Ernst and Young study predicts that long-run GDP with the higher tax rates would be 1.3 percent smaller.

All this demonstrates once again, is Obama has never held a private sector job. All he has done is basically run for higher office. Oh, there is another study out as well, that one of the reasons unemployment is persistently high is because the benefits people receive staying at home outweigh what they would receive going for a lower paying job.

In all forms of socialism, the rich definitely get poorer. But the poor also get poorer. It's a failed experiment and the scrap heap of history is littered with them.

http://blog.heritage.org/2012/11/13/...ate-increases/