[markbot]

In the US, I forgot the mention that the top federal tax rate will jump to 39.6% unless congress extends the prior admin's tax breaks...so I believe. They also raised the tax on dividends (which is double taxed to begin with).

So you are looking at a top income tax rate of close to 70%. the effective tax rate is obviously much lower than 70%...but still, the top earners will pay close to 70% to the government on their marginal dollars.