$5 Trillion Tax Hike Coming


$5 Trillion Tax Hike Coming

Written by Bob Adelmann

The New American

06 April 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

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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About partisanrangershow

Freedom fighter
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