From the Wall Street Journal:
"Democrats want to ram through one of the greatest raids on private income and business in American history."
"This would raise the top marginal federal tax rate back to roughly 47% or 48%, if you include the Medicare tax and the phase-out of certain deductions and exemptions. With the current top rate at 35%, this would be the largest rate increase outside the Great Depression or world wars."
"The average U.S. top combined state-federal marginal tax rate would hit about 52%. This would be higher than in all but three (Denmark, Sweden, Belgium) of the 30 countries measured by the OECD. According to the nearby table compiled by the Heritage Foundation, taxpayers in at least five U.S. states would pay higher marginal rates even than Sweden."
The article is scary, but worth reading. Some of the comments are spot on.
http://online.wsj.com/article/SB1247...Tabs%3Darticle