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.
"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."