Obama's 60% Tax Rate

What incentive will there be to earn good money if you'll have to give 60% of it to President Obama's Federal government:

Combine [Obama's Social Security tax proposal] with a top income tax rate of 39.6 percent, the phase-out of itemized deductions—which Obama would like to revive and which amounts to an implicit 1.2 percent surtax—and state income taxes, which typically run around 6 percent, and the total tax on labor would be close to 60 percent. In high-tax states like California and New York, the top rate would be even higher. Such high rates would provide an enormous incentive to hide income from the IRS or make earnings look like capital gains (which Obama would continue to tax at far lower rates than other income) or business profits (which are subject to income tax but exempt from payroll tax).

And what will we get for 60% of our hard-earned money? Not much.