The issue that the markets are concerned about is not taxing the rich, but the fiscal cliff that is approaching. If the full cuts that are now scheduled happen, the economy and market will collapse. The net effect will be the loss of millions of jobs, with huge cuts in both revenues and especially profits for nearly every company listed on the various markets. And not raising the current debt limit would only make things worse. There would be huge cuts in payments for social security, payments to government contractors, and sub contractors. Real Estate prices would drop through the floor as people stopped buying new homes, and tried to sell their homes in order to eat.
If and when the fiscal cliff problem is reasonably resolved, then the markets will rebound, and probably by a lot. The next month may be one of the best buying opportunities there will be for quite a while.