Taxmageddon: Massive Tax Hikes on the Horizon
With all of the talk on the other side about the GOP ‘destroying’ the middle class, the January 2013 ‘Taxmageddon’ will do more harm to the middle class than you are probably aware of.
A few points from a Heritage.org research article (and then there’s more):
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.
- Taxmageddon Hits the Middle Class: Taxmageddon 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.
- Holding Off on Hiring: Although these taxes don’t start until January 1, 2013, they are already having a negative impact on the economy. This just continues to slow job creation and stop many unemployed Americans from going back to work. more