Even without expiration of the Bush tax cuts, those over $200,000 will be paying more taxes. The way things are structured, this will also affect wealthier retirees and the self-employed (who already pay both sides of their Medicare contribution).
The details are pretty complex (just like the rest of the Tax Code!)
Not sure if I've got this right, but if people move their investments that are subject to capital gains (like stock) to tax-exempt or tax-deferred vehicles, then 2012 tax year revenues (generated by that move) may look good, but would be much less in 2013. If a lot of people sell stock, won't the stock market take an unexpected hit?
If people move investments from regular IRAs to Roth IRAs, a similar situation would develop. They might pay some taxes now due to the move to a Roth, but the regular IRAs would have been tax revenues in the future.
It doesn't mention anything about indexing these figures for COL or inflation. While we don't have high inflation now (hah! rhetorically speaking!), that could change in a few years.
I'm a little stunned by the total possible tax rate of 43+% since that doesn't include other state and/or local taxes, and sales taxes. Big cities like NY, Philadelphia, Pittsburgh have an additional sales tax on top of their states' sales taxes. Would this encourage more people to continue to flee cities ... except for the $ million+ earners?
Probably more complex stuff in there that is over my head.