Are You Ready For Taxmageddon?
Thanks a lot, Congress. It looks like you’ve really stuck it to us again. This time, just sitting on your hands and doing nothing is going to cause the biggest tax increase in our Nation’s history.
On Feb. 18, The Washington Post reported:
On Dec. 31, the George W. Bush-era tax cuts are scheduled to expire, raising rates on investment income, estates and gifts, and earnings at all levels. … The Social Security payroll tax will pop back up to 6.2 percent from 4.2 percent… And new Medicare taxes enacted as part of President Obama’s health-care initiative will for the first time strike high-income households.
The potential shock to the nation’s pocketbook is so enormous, congressional aides have dubbed it “Taxmageddon.”
Taxmageddon won’t be the result of one massive new assault on our wallets. Instead, it will come from tax cuts expiring in seven categories, along with new tax increases taking effect because of Obamacare.