Not much, if Congress has its way.  House Democrats Will Seek Massive $540 Billion Tax Increase—Announcement Came Late Friday Afternoon

Despite a still-lagging U.S. economy and rising unemployment rate, House Democrats announced late yesterday that they will seek a massive increase in federal income taxes to help pay for the national health-care reform proposal that President Obama is urging Congress to enact this summer.

House Ways and Means Chairman Charles Rangel (D.-N.Y.)revealed late Friday afternoon that House Democrats will seek to increase income taxes by $540 billion.

Who gets hit the hardest?

Subsequent AP stories and a report in the Washington Post cited Democratic sources as saying that the massive new tax increase would come in the form of a “surtax” on people filing taxes in the upper brackets of the income tax code.

The upper tax brackets are already set to increase after next year when the income-tax cuts signed into law by President Bush in 2001 expire.  President Obama and the Obama Treasury Department have indicated they intend to let those tax cuts expire for the upper two income brackets—meaning any individual or small business earning more than $200,000.

The “surtax” the House Democrats are planning now would further increase the income tax rate for people and small businesses paying taxes in the top brackets.

More at the link.  The increase occurs over ten years, if that’s any consolation.

How many small business are potential targets?  Tax Increase on ‘Rich’ People Planned by House Democrats Would Strike More Than a Million U.S. Small Businesses

More than a million small business owners and about two-thirds of the profits earned by U.S. small businesses would be hit by the income tax increase on the “rich” that House Democratic leaders want to enact to pay for the health-care reform plan President Obama wants passed this summer, a taxpayer watchdog says.

Ryan Ellis, director of tax policy for Americans for Tax Reform, told he calculated that 1.09 million of 21.5 million small business owners would see a one- to three-percent surtax on their profits in order to fund the House of Representatives’ trillion-dollar health care reform bill.

A display of leadership from the President:  White House Dodges Question of Whether Obama Supports House Democrats’ Plan for $540-Billion Income Tax Hike

…While Gibbs declined to say whether the president backs the $540-billion tax plan, Gibbs said that Obama thinks the top-earners in America are doing okay.

“I don’t know how that one percent of households did over the last 10 to 15 years, but my sense is pretty well,” Gibbs said. “I think the president believes the richest one percent have had a pretty good run of it.”

Not hard to read between the lines of that answer, is it?