Taxmageddon Will Hit on January 1, 2013

“I can make a firm pledge.  Under my plan, no family making less than $250,000 a year will see any form of tax increase.
Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes…
You will not see any of your taxes increase one single dime.”
— Barack Obama, running for president, Sept. 12, 2008, Dover, NH and many, many other times on the campaign trail

Here are highlights of which taxes will rise.

• 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

The Heritage Foundation did an analysis of all the tax increases scheduled for 2013. The report adds these:

• The Alternative Minimum Tax (AMT)
• Five new Obamacare taxes
• About 50 “tax extenders” will go away
• Small business owners can no longer write off business equipment purchases immediately

READ MORE:  http://teapartyeconomist.com/2012/04/12/taxmageddon-will-hit-on-january-1-2013/