$5 Trillion Tax Hike Coming
Written by Bob Adelmann
Friday, 06 April 2012 12:31
http://www.thenewamerican.com/usnews/congress/11442-5-trillion-tax-hike-coming
Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to notice the tsunami of tax increases coming next year. But then Lori Montgomery began to add up all the other taxes that will increase on January 1, 2013, and called it “Taxmageddon.”
Here is a partial list of taxes that will increase unless Congress intervenes:
The 2001 and 2003 Bush “tax cuts” expire
Taxes on investment income
Estate and gift taxes
Income taxes
Marriage penalty returns
Child credit drops
Taxes on first $8700 of wages increase by 50 percent
Payroll taxes go from 4.2 percent back to 6.2 percent
But that is only a start. The Heritage Foundation did an in-depth analysis of all the tax increases scheduled for next year and found that Lori forgot some:
The Alternative Minimum Tax (AMT) will increase in size and reach
Five new Obamacare taxes will start
Some 50 “tax extenders” will go away
Small business owners can no longer write off business equipment purchases immediately
Adding them all together, the total is $500 billion. And that’s just in 2013. Over the next decade, the tax increases will exceed $5 trillion.
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