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What this fails to account for is that the tax raised by taxing the top incomes also has benefits for society - through government spending.

It's a trade-off: higher tax revenues vs higher innovation.

I suspect that the impact of higher taxes on innovation would be relatively small compared to the benefit of higher tax revenues.

Why would there be more benefit to me if money is spent by my congressman vs. by Bill Gates?

This is the difference between spending other people's money and your own.

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