I’ve written a bit lately on the coming Progressives’ explosion in the taxes they intend to inflict on us. Grover Norquist—that evil man of the gadfly organization, Americans for tax Reform—has compiled a list of those that are coming down the chute. The coming tax bite can drive as deeply as $6 trillion to $7 trillion over the next 10 years. Here are a couple highlights; read the whole thing.
Savers and investors are especially hard-hit by the scheduled tax hikes. The top rate on long-term capital gains is set to rise from 15 percent to 23.8 percent. If you receive dividends, the top rate on this income will rise from 15 percent to 43.4 percent. The Tax Foundation reports that 70 percent of taxpayers over age 55 reported dividend income, earning 71 percent of the total dividends in America. A tax hike on dividends is another tax hike on seniors.
The death tax is set to go up, both under current law and in President Obama’s budget. Today, the death tax rate is 35 percent and there is a “standard deduction” of $5 million ($10 million for married couples and widows). In 2013, the rate will rise to an astonishing 55 percent, and the deduction will fall to only $1 million. Even under President Obama’s budget, the rate will rise to 45 percent and the deduction falls to $3.5 million. For thousands of families, death will once again become a very taxable event.
As to that last, it’s irrelevant: as Progressive ex-Congressman Anthony Wiener insists, “We’ll be dead.” Or maybe not so irrelevant: our heirs won’t be.