Think it won't happen? Oh, there will always be the super rich, they'll just move their money somewhere else. But there are plenty of people who will look at the government tax rules and say "It's just not worth it. I'm not going to work eighty hours a week to support welfare moms with six kids." As Mostly Cajun puts it:
D’you even wonder why the hackles rise on the back of my neck when I stand in the grocery line behind some welfare cow with four kids under six who pays for premium groceries with her plastic government benefits card, then whips out a roll of twenties to pay for cigarettes and alcohol? Hope you feel good about yourself, bitch. I just bought your groceries.And now we'll be buying her health care! And her kids health care! And her kid's kids health care! So what happens when those people stop doing what they do, and the taxes they provide dry up?
Why, everything else gets taxed. I know in Wisconsin people are now paying six bucks for a pack of cigarettes. Thing is, a pack of smokes in Canada in 1992 was six bucks. I can remember trying to buy a pack, and not believing the cost. "Six bucks? But it only costs me TWO bucks back home!" Well, back home had not been consumed by entitlement spending and the taxes that go along with them. But we sure are now! Get ready to get raped by the government for EVERYTHING you buy, because if you think that companies are just going to shell out billions more without passing that cost along, you haven't been paying attention in class.
Half this country doesn't pay any taxes. Start thinking about what's going to happen when the other half decides it ain't worth it.