Though we approach the fiscal cliff, President Obama has based much of his campaign on allowing Bush-era tax hikes on the wealthy to expire in the name of “fairness.”

In the name of basic economics, however, we have to deal with reality. And in a new study, Ernst & Young finds that increasing tax rates on wealthy taxpayers would have a substantial and sustained negative impact on the economy.

The study, commissioned by a number of business groups including the National Federation of Independent Business, finds that 2.1 million business owners would be subjected to higher rates, most of them through partnerships, LLCs and S-Corporations. The results aren’t pretty.

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