Here are some tax changes scheduled for 1 Jan, unless the Republicans in the House can convince the Democrats in the Senate and White House to act responsibly.
- the Bush tax reductions expire—across the board. Low- and middle-income Americans will see their Federal income taxes rise by $3700-$4100. Per year.
- the payroll tax “holiday,” a 2% reduction in the Social Security/Medicare tax paid by employees (which actually did nothing but accelerate the defunding of Social Security and Medicare)
- Obamacare taxes go into effect–$36 billion worth of them. One of the most egregious of these is the tax on total revenue (not even limited to profit; companies losing money also will pay this—or go out of business faster, or go elsewhere to work their creativity) on medical device manufacturers for successfully innovating and producing such things as pace makers and artificial joints.
- AMT patch will expire. This will hit 15% of households making $75,000-$100,000 per year. The upper bound for Obamacare’s health “insurance” premium subsidy payments is $90,000. Go figure.
- the death tax will rise to 55% of an estate above $1 million—up from $0 on any size as recently as 2010.
And so on.
This is what President Barack Obama insists he will allow to occur unless he gets his precious tax rate increases on the evil 2% of Americans he so despises.