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?
2 thoughts on “100 Days Until Taxmageddon”
Jim, are these the austerity measures, aka the fiscal cliff we hear about so often on the news, or are these taxes that were part and parcel of the Obamacare legislation? Thanks!
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