TAXMAGEDDON (Be afraid; be very afraid…)

I abhor repeating myself, but some things bear repeating.

Therefore, I’m once again linking a brief description from Heritage.com on the imminent threat of Taxmageddon, which is the half-trillion-dollar tax tsunami slated to hit our shores in January, 2013. Also included is a new, bold, easy-to-understand graphic.

If you like paying more of your income in taxes, you’re simply gonna love this.

There is only one way for us to avoid this, boys & girls….and giving Obama 4 more years ain’t it.

Please share.

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Taxmageddon Is Huge – 

  • Unprecedented Tax Hike For 2013: Starting January 1, 2013, Americans will face a $494 billion tax increase, the highest ever in one year. Obamacare’s tax increase over 10 years barely edges ahead of Taxmageddon at $502 billion. The average American household would see its taxes rise by $3,800 in 2013 alone. And this is just for one year. Taxpayers would see even higher tax hikes in succeeding years.
  • Expiring Tax Cuts and Obamacare’s New TaxesAlmost 34% of the tax increases from Taxmageddon come from the expiration of the 2001 and 2003 Bush tax cuts. Another 25% comes from the expiration of the payroll tax cut. Most of the remaining increases come from Obamacare, notably from the start of the hospital insurance 3.8% surtax on all forms of income over $250,000.
  • Taxmageddon Hits the Middle ClassTaxmageddon falls primarily on middle- and low-income Americans. That’s because 60 percent of the Bush tax cuts went to middle and low-income taxpayers. The expiration of the patch on the Alternative Minimum Tax (AMT) will cause these taxpayers to pay a tax they were never supposed to be hit with, and the expiration of the payroll tax cut is a tax hike almost exclusively on middle- and low-income families. That’s just the direct impact. Americans at all income levels will feel the pain of Taxmageddon because it will slow job creation and wage growth.

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UPDATE: Please see a friend of ours’ post on this, as well.

BLACK METTLE:  100 DAYS UNTIL TAXMAGEDDON

 

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6 responses to “TAXMAGEDDON (Be afraid; be very afraid…)

  1. Definitely worthy of being repeated, JTR!

    Heritage was the lone voice in the wilderness regarding Taxmageddon for far too long. Fox News picked it up a while back but it’s getting little to no traction anywhere else in the media. I hope all “Two Heads” readers will forward a link to your post to all of their friends, especially the ones who WORK and try to make a better life for themselves and their families on their own efforts.

    The 47% who don’t pay taxes have NO PROBLEM with these increases as it’s nothing out of THEIR pockets; it’s just MORE coming into them.

  2. Happy New Year Everybody!

    P.S.Thanks John Roberts. Thanks a lot…

  3. Pingback: Romney: “I want to get us back to being AMERICA” | Two Heads are Better Than One

  4. Pingback: Math made easy: (Obama + Fiscal Cliff = we ALL lose) | Two Heads are Better Than One

  5. Pingback: MisplacedNews » Math made easy: (Obama + Fiscal Cliff = we ALL lose)

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