Other than the personal tax rates seeming too progressive I can’t say this is a bad plan. Although I don’t know what rates were before.
The current tax rates are quite a bit higher. In fact, the 33% bracket starts at only $50,000, and there is an additional 5% tax for dollars above $75,000 (which is phased out when the taxpayer has paid 33% taxes on all of his income). In addition, there is a temporary surcharge for persons making over $100,000, which is 5% of the amount paid in income taxes (so if you pay $30,000 in income taxes, you need to kick in an additional $1,500).
So this is a good start.