Obama's tax plan will hit Silicon Valley hard, San Jose Mercury News, 2/28/2009:
President Barack Obama's tax plan, which would boost income taxes on those earning $250,000 or more a year, would affect about twice the share of taxpayers in Santa Clara County as in the state and nation.How about "The good news is, you make three hundred thousand dollars a year"? Except for one paragraph, this entire article is about how the tax plan will affect rich people.
... But high-earning valley taxpayers who have been paying the so-called alternative minimum tax may get a little break. People at the $250,000 to $400,000 income level are likely to be hit less hard by the Obama tax plan in high-tax, high property-cost states such as California, because their exposure to the AMT will be reduced as their regular tax bill rises, explained Clint Stretch, managing principal for tax policy at Deloitte in Washington, D.C.
The good news is, you are not going to get hit as hard by the taxes that the president has proposed, he said. The bad news is, they've already been hit by the AMT.