If the Bush tax cuts for the wealthy expire in 2011, it is estimated that someone making $1 million a year will have to pay an extra $45 grand or so on income taxes, assuming he doesn't engage in normal rich people behavior and take all the deductions he or she can find.
Bloomberg News helpfully lays out the argument against the cuts:
Proponents of keeping the lower rates for all income levels such as Senate Republican leader Mitch McConnell of Kentucky have said raising taxes will slow job creation and limit consumer spending. A BMW Z4 Roadster convertible, for example, has a starting price of $46,000, according to the website of the manufacturer, Bayerische Motoren Werke AG.
Enter the accountants. Alain Dlugash, who manages the accounts of people worth 5 to 10 million a year, warns that the government is imposing "very large tax increases." Joseph Spada, whose clients have raked in an average $25 million, advises collecting your bonus in December.
And then there's this guy:
California’s top rate is 10.55 percent on income above $1 million. That’s why Alfred Peguero, personal financial services partner at PricewaterhouseCoopers LLP in San Francisco, is already formulating tax projections through 2012 for clients who have $50 million to $5 billion.
“If we want to get really scary we go to 2013,” said Peguero. Starting that year, there will be a 3.8 percent additional tax on unearned income such as capital gains and dividends, to help fund health reform Congress passed in March.
The benefits of being rich: "Really scary" means one less luxury condo.