Hi Wayne,
The issue is about people making over 300K paying more taxes. So the question is do you take the loss on incremental tax increases, or in 10 to 15% downdrafts in stock indices which effect most peoples 401K or pensions -- i.e. household wealth. Far more Americans have funds deployed in blue-chip stocks and other securities than in decades past -- thus the massive hit to household wealth from July thru Sept -- i.e.: the 3rd quarter
As always the market is the final arbiter