"I have a few thoughts concerning your Corner post titled Bracketology. My wife and I are both Pediatricians. We own our own practice together. We have one PA and 7 other employees. We each gross about $200 K a year. We have 3 young children at home, 2 of which are not in school. We also employ an in home Nanny. My wife has been torn for years about not being at home for these children, which are our biggest investment in the future. We operate parallel S corperations as PC's, with a 50/50 ownership of the LLC that is our business. We file taxes jointly. After crunching some numbers concerning the President's tax hike proposals, I have come to the following conclusions. If the President's plan is inacted, we will do the following:1. My wife will become a stay at home mother.2. At least 3 of my 7 employees will be released.3. The practice will downsize to a smaller office space, i.e. less rent.4. The number of patients cared for on a daily basis will drop by 40%.5. My wife will come out of the forced ER call schedule for good.6. I will gross $249,999.00 a year, exactly.7. The net income of our personal home will decrease by less than $10K a year from where it would have been if we changed nothing."
Raising tax rates on "the rich" ends up hurting those who work for them, will not increase tax revenues and may actually cause them to decline.