No one has called for a "50% income tax bracket"!?!
What has been proposed is to return the upper income tax levels to those we had just a few short years ago (nowhere near 50%).
If the OP could show that by raising the upper tax bracket by 3 percentage points revenue would fall, then we could have a reasonable debate. Of course, no such evidence can be presented...
I'm all for scrapping our whole tax code and instituting a flatter tax structure (I like a flat tax and a VAT, but am open to debate), but false arguments and fear mongering about "50% income tax brackets" won't lead us to that debate.
Since the tax bracket are incremental, meaning you only pay the new higher rate when you enter a tax bracket and not on every dime from dollar one, there is no disadvantage to earning as much as you can.
Example 2011 tax brackets single filer
You pay 10% on the first $8500
You pay 15% $8501 to $34,500
You pay 25% $34,501 to $83,600
You pay 28% $83,601 to $174,400
You pay 33% $174,401 to $379,150
You pay 35% above $379,100
Why would any accountant tell you to stop earning income just because you might pay 5% (the largest increase) more in taxes on only that additional income. It does not may any sense.
The more things change, the more they stay the same.
"President Obama's 2013 budget includes a provision to raise the capital gains tax to the regular personal income tax rate which for the highest earning tax payers will be 39.6% next year. Add to that the 3.8% ObamaCare surtax and phase out of deductions of 1.4% and you have a top tax rate of 44.8%, far above the current flat 15% rate on capital gains and dividends today."
Vote for the other candidate