Taxing The Rich

In 2001 and 2003, Congress passed tax cuts proposed by President George W. Bush. The tax cuts were given an expiration date of the year 2010. Well it is now 2010 and Democrats are proposing a tax increase for the "wealthy" in 2011. The prosed tax increase would only apply to an individual with an income of more than $250,000 per year. It's estimated that only 2% of Americans would fall under the new tax increase bracket. How would increasing the taxes a mere 1.6-2% help the government? The tax increase would bring in $678 Billion dollars through 2020. Republicans argue that raising taxes for those who are already held to the highest marginal tax rates would only hurt the economy further. In the article entitled "I Can Afford Higher Taxes. But They’ll Make Me Work Less" the author gave a refreshing and honest view about how the proposed tax cuts would effect him. He is a professor at Harvard and a established author. He describes his lifestyle as comfortable, with no problem making ends meet. He admits that paying a couple extra percents would not put him in financial hardship but would ultimelty effect how much he chooses to work. He gave a breakdown of his current tax percentage rate and his future tax rate, if the increase is passed. He currently pays 39.6 percent in federal incomes taxes, Medicare tax of 3.8 percent ( as of 2013) and 5.3 percent in state income taxes.  The proposed tax increase would add an additional 1.2 percent to his federal income taxes. His overall tax percentage paid out on his income would then be 49.9 percent. Keep in mind not every state imposes a state tax. The author made a example of a $1,000 project payoff. A dollar value that I believe more American's can relate too than a large salary of a quarter million dollars. He states that taking a random job offering of $1,000 may seem appealing to him but not if the higher tax rates are applied. Basically after taxes are paid, a job that paid $1,000 as the sudden is reduced too $523.00. The author was giving real life situations, that anyone can relate too. I believe his intended audience is a republican. My personal opinion on the matter is, keep the tax cut in place. Their income may be higher than 98 percent of Americans but they earned it. To achieve that type of salary the individual earned a college degree, most likely 6 years or more of schooling. It seems as if the new tax increases are punishing them for succeeding in their careers. The new tax increase will not only hurt the indivuals who's taxes are being raised but every other person in America who may need their skilled services. For instance, an Anesthesiologist's salary is about $308,000.00. Their income is so high because they are in such high demand. If we raised their taxes, they may then have to start charging more for their services to recoop the money lost in taxes. Anyone of the 98% of American's who may then need a  specialist, will have to endure a higher cost for their services. At that point the only person who has won is the government.