DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Monday, April 23, 2012
Coming To Your Wallet In 2013: Taxmaggeddon
Will Rogers once famously quipped that the “only difference between death and taxes is that death doesn’t get worse every time Congress meets.” He was wrong. Not only do taxes get worse when Congress is in session, but now they will get worse when they’re not—much worse.
Coming in January, if Washington does not act, Americans can brace themselves for the biggest single yearly tax increase in the history of the world. What the Heritage Foundation calls Taxmageddon.
A $494 billion spike. An average of $3,800 per person in 2013.
Here’s what you have to look forward to:
--The expiration of the much-maligned 2001 and 2003 Bush tax cuts. For political purposes, Democrats refer to them as “tax cuts for the wealthy.” In reality, the across-the-board cuts eased rates for nearly everyone, 60 percent of the benefit going to middle and low-income taxpayers.
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2 comments:
That would be a BIG hurt on the WORKING people. I wonder how much the average "Earned Income" tax refund (you know, the biggest redistribution of wealth the world has EVER seen) will go UP for those who don't work, have never worked, have children by different fathers (who don't pay child support), aren't looking for work and live off the public dole as their profession. Thats right. Their "fair share" (obama's mantra for those who actually PRODUCE something other than children) is exactly ZERO. OUR "fair share" is another $3800. Like Joe has already pointedly asked, what do we, the taxPAYERS, get for this increase, except threatened with prison if we don't pony up? REVOLUTION, people. Take it back. Voting, sadly, will accomplish nothing but more of the same.
If there's a Republican majority in the house, how can there possibly be an upcoming "taxamaggedin" when tax cuts expire. Anyone who wants to keep their seat would vote to keep them. Wouldn't they? (including Dems in the Senate, where they hold the majority...but not by much)
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