100 Days Until Taxmageddon
September 21, 2012 § 2 Comments
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:
Here’s a list of some of the new and raised taxes coming:
First Wave: Expiration of 2001 and 2003 Tax Relief
- Personal income tax rates will rise on January 1, 2013.
- Higher taxes on marriage and family coming on January 1, 2013.
- Middle Class Death Tax returns on January 1, 2013.
- Higher tax rates on savers and investors on January 1, 2013.
Second Wave: Obamacare Tax Hikes
- Some Obamacare have already gone into effect: tanning tax, medicine cabinet tax, HSA withdrawal tax, W-2 health insurance reporting, and the “economic substance doctrine”
- The Obamacare Medical Device Tax
- The Obamacare Medicare Payroll Tax Hike
- The Obamacare “Special Needs Kids Tax”
- The Obamacare “Haircut” for Medical Itemized Deductions
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
- The AMT will ensnare over 31 million families, up from 4 million last year
- Full business expensing will disappear
- Taxes will be raised on all types of businesses
- Tax Benefits for Education and Teaching Reduced
- Charitable Contributions from IRAs no longer allowed
… So at least we have that to look forward to. Right?