Tax Hikes and the 2011 Economic Collapse

I'm reading this article today from Wall Street Journal online, an interesting post by Arthur Laffer regarding Year 2011 Economic Collapse.

President George W. Bush's tax cuts expires on January 1, 2011, federal, state and local tax rates are scheduled to rise quite sharply" (2010, WSJ).

Here's the estimate tax increase according to Arthur Laffer:

• Personal Income Tax rate will go up from 35% to 39.6%
• Federal Dividend Tax rate from 15% to 39.6%
• Capital Gain Tax rate from 15% to 20%
• Estate Tax reate from zero to 55%

Reference:
Tax Hikes and the 2011 Economic Collapse. Retrieved June 25, 2010, from WSJ Online