It will be up to Washington to save the country from what the Washington Post has dubbed “Taxmageddon” — the looming tax increase set to hit Americans on Jan. 1.
Curtis Dubay, a senior analyst in Tax Policy at the Heritage Foundation, has chronicled the taxes set to hit if Congress and the administration do not make adjustments.
According to Dubay, Americans will see a $494 billion tax increase at the beginning of 2013.
Dubay’s study of the looming $494 billion tax increase highlights the policies set to expire. These include the Bush tax cuts, the payroll tax cut, the Alternative Minimum Tax (AMT) patch, the tax cuts in the 2009 stimulus, tax extenders, the estate tax adjustment, and 100 percent business investment expensing.
Additionally, Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year.” Read more: here
The small Bush tax cuts, and by all accounts, they were small and despised by greedy Democrats, will expire under Obama’s reign. Just as Obama raises tax on most Americans (despite his lies and claims of not doing so) and further implementations of cost of Obamacare.
This will further kill the very small economy growth we’ve as, this countries tries to recoup from the policies of Obama’s Democrats. 2013 will extend the disastrous hand of Obama into the Americans pocketbook and bank account. Less money for soaring gas and food prices. And no doubt a zero job growth.
Get this man out of office while we still have a nation to recover.