$5 Trillion Tax Hike Coming

Bob Adelman
thenewamerican.com
April 9, 2012

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

Read more

This article was posted: Monday, April 9, 2012 at 12:21 pm

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