HOW TAXMAGEDDON WILL IMPACT YOU

“I’ve said that this is a make-or-break moment for the middle class, and I believe it,” President Obama told an Ohio crowd yesterday. Indeed it is—because in a sluggish economy, American taxpayers are about to be clobbered by the largest tax increase in history.
Starting January 1, 2013, Americans will face a $494 billion tax increase, the highest ever in one year. According to The Washington Post, congressional aides started calling it “Taxmageddon”—a chilling reference fit for an apocalyptic nightmare. Federal Reserve Chairman Ben Bernanke has warned that it will be a “massive fiscal cliff” for the economy.
How will this affect you? Heritage has a new Taxmageddon page that shows the impact of these tax hikes on individuals. It includes an interactive map where you can click on your state to see what the average tax increase will be, based on the average income of taxpayers in your state. Taxmageddon falls primarily on middle- and low-income Americans. That’s because, contrary to the President’s rhetoric about “the wealthiest Americans,” 60 percent of the Bush tax cuts went to middle- and low-income taxpayers. The expiration of the patch on the Alternative Minimum Tax (AMT) will cause these taxpayers to pay a tax that was never supposed to hit them, and the expiration of the payroll tax cut is a tax hike almost exclusively on middle- and low-income families. http://blog.heritage.org/2012/06/15/morning-bell-how-taxmaged... The threat of Taxmageddon is clouding jobs and family finances now. Businesses, families, and investors are uncertain about the future. They need to know as soon as possible that this massive tax increase will not hit them on New Year’s Day 2013.
But yesterday, Obama told the crowd he was their economic savior: “I have approved fewer regulations in the first three years of my presidency than my Republican predecessor did in his.” He also warned that Republicans want to raise taxes on the middle class, adding, “This is not spin. This is not my opinion. These are facts And as for the threat of raising taxes on the middle class, the President needs look no further than the laws that are already in place. If he really wants to prevent a cataclysmic tax increase on working Americans, preventing Taxmageddon is the answer. These are facts.