Taxmageddon coming?

[4horsemenrule]

Another reason to fire Pres Obama and as many Democrats in Congress as possible. This is not what this economy needs statring 2013






At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 -- if Congress doesn't act.

The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent.

"Taxmageddon is a $500 billion, one-year tax hike that hits the economy on Jan. 1, 2013," Curtis Dubay of the Heritage Foundation said.

It would cut the child tax credit by half, from $1,000 a child to $500.

The marriage penalty would return.

The tax on dividends, which many seniors rely on, would soar from 15 percent to as high as 39.6 percent.

A separate $124 billion cut in the payroll tax would end.

And a temporary fix to the alternative minimum tax would be erased. The tax originally was aimed at millionaires, but it could would hit some 34 million taxpayers next year.

"Almost the entire tax code has been put on a year-to-year lease, and in some cases, month-to-month lease, which is no way to run a tax system," Scott Hodge of the Tax Foundation said.

The expiring cuts would hit all income groups but those at low and middle incomes the hardest.

"Taxmageddon falls 70 percent on middle and low income families. That's because 60 percent of the Bush tax cuts were for middle- and low-income taxpayers," Dubay said. The payroll tax cut was aimed at the same taxpayers.

"No American will be unscathed at the end of this year," Hodge said. "Taxmageddon hits all of us."


Read more: http://www.foxnews.com/politics/2012/04/17/taxmageddon-coming-answer-could-cost-americans-500-billion/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foxnews%2Fpolitics+%28Interna l+-+Politics+-+Text%29#ixzz1tzeVHkZg

[SassyLady]

The Dems want to continue spending instead of cutbacks so they will more than likely let them expire.

[4horsemenrule]

The Dems want to continue spending instead of cutbacks so they will more than likely let them expire.

I wish someone could explain to me how billions in tax increases could possibly improve this darn near flatline Obama economy

Also I rememebr well Obama running around "promising" that anyone who makes less then $250,000 would not see their taxes increae by once cent.

Of course the tax increases in Obamacare broke that prmise, but it seems Obama has a long list of tax increases that he wants to impose on darn near anyone who eanrs a paychek

and give that money to thse who do not earn a paycheck

[Howard Roark]

I wish someone could explain to me how billions in tax increases could possibly improve this darn near flatline Obama economy

Also I rememebr well Obama running around "promising" that anyone who makes less then $250,000 would not see their taxes increae by once cent.

Of course the tax increases in Obamacare broke that prmise, but it seems Obama has a long list of tax increases that he wants to impose on darn near anyone who eanrs a paychek

and give that money to thse who do not earn a paycheck

Incorrect. Obama's tax plan is what you describe.

Because this Congress achieves nothing, the expiration of the Bush era tax holiday would result in the numbers you reference.

That's a different issue altogether.

[4horsemenrule]

Incorrect. Obama's tax plan is what you describe.

Because this Congress achieves nothing, the expiration of the Bush era tax holiday would result in the numbers you reference.

That's a different issue altogether.

Are you saying Obama has NOT raised taxes on people making less then $250,000/yr? If so you are the one who is incorrect

And are you saying if the "Bush tax cuts" expire that does not count as a tax increase?