Are you familiar with the Laffer curve? From my understanding, the idea is that when you cut taxes, you actually increase the revenue because it spurs the economy by allowing more money to circulate, although this may be an oversimplification.
Revenue only increases if that money continues to cycle through the economy. That is, if someone who earns a dollar spends it on a good instead, and this chain continues, about thirty times for the poorest sectors of the economy. That is to say, tax cuts for the poor can be immensely beneficial.
Tax cuts for the rich, on the other hand, are not the same. The rich spend less of their money, investing it instead. The richest 5% earn ~25% of the income and spend ~15% of the money. Which means 10% of this nation's income or roughly 1% of our wealth gets siphoned into their pockets each year. In the current case, roughly 3.4 trillion dollars in cash is being left to rot between banks and corporations alone. Typically, this money would either be taxed, loaned to the government, or loaned to individuals.
Obviously, taxation and loans to the government are out of the question in the current political environment. And loans to individuals are going to be sluggish with such an uncertain economy. And the economy will be uncertain until one of those three events take place. Something needs to spur an immense amount of investment.
That $3.4 trillion could be tapped - through taxes and loans - to instantly solve our job crisis through a new WPA. But that is not currently politically feasible, so the nation will suffer until a good chunk of people like you get educated as to the real reasons our economy is in shambles rather than believing the lies spewed by the right wing.
I expect that a lot of the businesses that are hoarding money right now are doing so because they expect taxes to suddenly jump.
Then you do not understand how businesses operate. If they invest the money, they are not taxed on it - it's an expense. Right now, they are earning less on the cash they are hoarding than the inflation rate. If you think the millionaires and billionaires want
that, I have no idea what to say to you. What sort of lies have you been told to make you believe that businesses want to be losing money?
It's rather simple.
To avoid the taxes, they can simply re-invest the money. The money they re-invest even returns at a higher rate. This has the added benefit of spurring growth in the country, meaning that the real value of their income rises still more. This is true whether the tax rate is 5% or 50%.
Pretty much, the only people as a block who are against tax increases are the 30k-70k block - people who are relatively poor. This makes sense - especially with what they pay in regressive taxes like Payroll and Sales taxes, their taxes are
too high. Those taxes have been on the rise since the Reagan era, even though it gets presented as a tax cut because the rich got the break.