The Tax Foundation has some characteristically useful analysis of the tax proposals of the Chairman of the House Ways and Means Committee, Republican Dave Camp, and of President Obama.
President Obama's budget, the Tax Foundation says, includes $1.3 trillion in tax increases over ten years.
And Chairman Camp's proposal, the Tax Foundation says, features a staggering 54.3 percent marginal tax rate for those with income between $30,001 and $32,631 a year. Even though the statutory tax bracket for the taxpayers earning that amount would be 10 percent, the phaseouts of credits and deductions mean that taxpayers at that level would get to keep only 45.7 cents of each additional dollar they earn.