TaxMaGeddon Is Coming-January 1, 2013

I'm sure you all recall the promise made by Obama in the '08 campaign: "Anyone making under $250,000 will not see their taxes rise by ten cents". Not only will the rich in this country, beginning Jan. 1, 2013 see their taxes skyrocket but everyone; the poor, the middle classes and the uppers will see their pocket books being emptied. In the first year you, us, will pay the government $500 billion and over ten years the princely sum of $5 trillion. It's going to hit my children and it's going to further destroy small businesses. This elimination of family tax breaks will further enhance the control of the dictatorship of the Obama's. He lied to you who voted for him--big time. I wish one liberal looked at this column. Of course, they wouldn't believe what's going to happen to them because, for one thing, they don't read. Secondly, they think it's for the other guy. The typical response for a liberal is the same as the one they had for ObamaCare: "Well, we had to do something". Take the time to read the entire column and not only the excerpts I've posted. It's mind boggling. Even if Obama loses in the election it may be impossible to correct the damage.

"Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to notice the tsunami of tax increases coming next year. But then Lori Montgomery began to add up all the other taxes that will increase on January 1, 2013, and called it “Taxmageddon.”

Here is a partial list of taxes that will increase unless Congress intervenes:
• The 2001 and 2003 Bush “tax cuts” expire
• Taxes on investment income
• Estate and gift taxes
• Income taxes
• Marriage penalty returns
• Child credit drops
• Taxes on first $8700 of wages increase by 50 percent
• Payroll taxes go from 4.2 percent back to 6.2 percent

But that is only a start. The Heritage Foundation did an in-depth analysis of all the tax increases scheduled for next year and found that Lori forgot some:
• The Alternative Minimum Tax (AMT) will increase in size and reach
• Five new Obamacare taxes will start
• Some 50 “tax extenders” will go away
• Small business owners can no longer write off business equipment purchases immediately

Adding them all together, the total is $500 billion. And that’s just in 2013. Over the next decade, the tax increases will exceed $5 trillion".