100 Days Until Taxmageddon

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:

via Americans for Tax Reform.

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?

 

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