From The Morning Bell
Beware the Taxmageddon
Brace yourself. In a mere 271 days, you and your fellow Americans will be hit with a tax hike the likes of which this country has never seen. The Washington Post aptly called the unprecedented $494 billion tax hike “Taxmageddon,” and Federal Reserve Chairman Ben Bernanke described it as a “massive fiscal cliff.” Whatever your preferred imagery, it’s a really big deal.
Despite all the warnings, President Barack Obama has kept his silence while Congress has made no apparent effort to prevent this impending calamity to families and the economy. The prevailing wisdom is that “something will get done” in a lame duck session of Congress after the election. But why wait? And why after the election?
Here’s why you should be worried. For starters, remember that this is the same President who in 2009 promised, “if your family earns less than $250,000 a year, you will not see your taxes increased a single dime.” That’s a vow he’s broken, and in 2013, things are going to get even worse if this year Obama doesn’t lead and Congress doesn’t act. Katy, bar the door, there’s big trouble in store.
The tax man won’t draw his billions from the American taxpayer with just one big needle — the massive tax increase will be the product of tax policies expiring in seven different categories, on top of five new Obamacare tax hikes taking effect. In a new paper, Taxmageddon: Massive Tax Increase Coming in 2013, Heritage’s Curtis Dubay details the tax hikes that will occur if President Obama and Congress do not act before the end of the year:
Almost 34 percent of the tax increase from Taxmageddon comes from the expiration of the 2001 and 2003 Bush tax cuts. These cuts are best known for reducing marginal income tax rates, but they also reduced the marriage penalty, increased the Child Tax Credit and the adoption credit, and increased tax breaks for education costs and dependent care costs.
Another 25 percent of Taxmageddon comes from the expiration of the once-temporary payroll tax cut. The expiration of the patch on the Alternative Minimum Tax (AMT) — which would raise the income threshold over which families qualify for the AMT to prevent middle-income families from paying this tax that is only supposed to impact “the rich” — accounts for 24 percent of the total potential 2013 tax increase.
Full Story Here:
Morning Bell: Beware the Taxmageddon
There are a couple of things that must be said straight away;
1. Barack Hussein Obama is a LIAR and is dead set on destroying America. Nothing that this man has ever done has been good for America and nothing he ever said has panned out to be the truth, except for that part about *Change*. He HAS changed America, but not for the better!
2. The current U.S. Congress is worthless and needs to be FIRED! Each and every one of those cretins needs to be run out of town and have ALL benefits suspended for LIFE!
And Congress wonders WHY they have a lower approval rating than that of Barack Obama himself. No one in Washington, none of the current crop, wants to do anything positive.
All the perfumed Princes want to do in Washington, and I mean BOTH sides of the aisle, is blame the previous administration, placate their constituents with pre-formed letters that are nothing more than excuses, talk down to us as if we were children and then try to find a way to appropriate themselves another pay raise.
The balance of the tax hikes comes in part from new taxes under Obamacare, the expiration of tax cuts in the 2009 stimulus, the expiration of a group of policies known as “tax extenders,” changes in the current policy on the death tax (in 2013, it will rise from 35 percent today to 55 percent and the exemption will fall from $5 million to $3.5 million), and the expiration of businesses’ ability to fully expense new capital investments.
And that my friends is the crux of the matter; Obamacare.
We had ALL best hope and pray that the SCOTUS strikes down this abomination called Obamacare, otherwise, we will all be broke, in the pocket of American socialism and dying a horrible death at the hands of Socialist and Marxist leaders like Barack Hussein Obama and the minions of his EVIL regime.
One other thing; IF Obamacare is SO good, why is Obama, the House, Senate and God knows who else in Washington exempt from it?