Quoted from my older brother – An excellent point about moving the higher tax rates to the middle class:
It gets FAR worse. I wish the general population understood Macro Economics better. Our current fiscal policy is driving the country to a major devaluation of the dollar and shocking inflation… very soon. As your income rises to maintain something close to your current spending power, you will soon reach an income that exceeds the tax increase index. At age 66, I’ve lived that scenario over and over. The “tax the rich” index is never moved up to match inflation. Add that to the fact that most of the tax increases will be passed to you via higher prices and you can see where Obama’s wonderful hope and change is taking us.