Coming Soon: ‘Taxmageddon’

Obama's dream will come true....
This should help out the working class!

Massive tax increase coming in 2013.
ON Jan. 1 of next year, the federal tax bill for a typical middle-class household — making in the neighborhood of $50,000 — is scheduled to rise by about $1,750.

This increase, which would come from the expiration of both the Bush tax cuts and the Obama stimulus, would come after a decade of little to no income growth for many people. As a result, inflation-adjusted, after-tax income for the median household could fall next year to its 1998 level, in spite of the continuing economic recovery.

The liberal Washington Post calls this taxmageddon.

Here are highlights of which taxes will rise.

•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

The Heritage Foundation did an analysis of all the tax increases scheduled for 2013. The report adds these:

•The Alternative Minimum Tax (AMT)
•Five of the 18 new Obamacare taxes kick in.
•About 50 "tax extenders" will go away.
•Small business owners can no longer write off business equipment purchases immediately.

The middle-class tax increase is just the beginning of budget changes set to take effect at the start of 2013. Poor families would see their taxes rise somewhat, too. Total federal taxes for top-earning families would rise by tens or even hundreds of thousands of dollars a year.

And the "making work pay tax credit" of $400 expired last year- so this year everybody gets a $400 per person tax increase from now on. Add that onto the $1,750 coming in January.

No real spending cuts are planned by the government though- sorry. Spending cuts are for the working class- not for the government- silly people!

All you liberals better join us and start saving up your money- because Obama needs your money- these tax increases are for YOU too.... after all- you voted for them!

Source;
http://www.nytimes.com/2012/04/15/sunday-review/coming-soon-taxmageddon.html?pagewanted=1&_r=1

No problem, our government will spend the extra money wisely as usual. You'll also see people scrambling to succeed and get into the higher tax brackets...it's just common sense.

Hopefully this will help the debt load, now if we could just stop Obama from cashing more checks.

FredHayek wrote: Hopefully this will help the debt load, now if we could just stop Obama from cashing more checks.

It will only help in the very short run....the tax code needs to be flushed and replaced with one that doesn't require millions of tax preparers, lawyers, and CPAs.

The tax revolt will be shortly afterwards.

I'm looking foward to the coming revolt- I paid enough federal taxes this year to buy a brand new car- and I have never owned a brand new car.

One day the government will steal less from me.

CritiKalbILL wrote:

FredHayek wrote: Hopefully this will help the debt load, now if we could just stop Obama from cashing more checks.

It will only help in the very short run....the tax code needs to be flushed and replaced with one that doesn't require millions of tax preparers, lawyers, and CPAs.

Sure, replace the tax code and put all those people on the unemployment line.

Oh wait...

IRS has already laid off a buttload of people. They say fewer and fewer citizens are payning taxes, and they cannot make payroll chasing after them.
The fact is the IRS loses more $$ every year. Poor managegement? or just another POS Non gubment company.

In a sick way I can't wait for the libs to start complaining about having to fork over more of their income to the Gubment they worked so hard to put in place.

Maybe a few of them will change their opinion and political stance...

Who am I kidding?! They'l say things that equate to "NO, I took off my boots and socks and then stepped in that turd on purpose! It's good for all of us!"