Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2013:Personal income tax rates will rise on January 1, 2013.-The 10% bracket rises to a new and expanded 15%-The 25% bracket rises to 28%-The 28% bracket rises to 31%-The 33% bracket rises to 36%-The 35% bracket rises to 39.6%The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of taxable income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. Middle Class Death Tax returns on January 1, 2013. The death tax is currently 35% with an exemption of $5 million ($10 million for married couples). For those dying on or after January 1 2013, there is a 55 percent top death tax rate on estates over $1 million. The capital gains tax will rise from 15 percent this year to 23.8 percent in 2013. The top dividends tax will rise from 15 percent this year to 43.4 percent in 2013. Second Wave: Obamacare Tax HikesThird Wave: The Alternative Minimum Tax and Employer Tax HikesWhen Americans prepare to file their tax returns in January of 2013, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. These tax increases will be in force for BOTH 2012 and 2013. The major items include:The AMT will ensnare over 31 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 31 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. Read more: http://atr.org/days-taxmageddon-a7203#ixzz277umfhYHIn other words, the average American family will pay $4300 more in taxes each year...and those earning 100K a year will be paying another 7-8 thousand a year in taxes.......And those who get dividends will see a 70% hike in their income taxes..... it will hit retirees hard....it will hit 'savers' hard...But hey, that is what Obama's 'redistribution' is all about. Take from those with assets, savings, stock accounts, and middle class families... ...and give to the welfare weenies and queenies who vote for Obama for the free 'Obama Money' (yours)....this has been a tele update...the count down starts....at 100 days to Taxamageddeon....t
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