Taxmageddon is headed your way.
On January 1st, American taxpayers will experience the largest tax increase in U.S. history. As the ball drops on the New Year, we will experience an immediate $500 billion tax hike and the Mainstream Media is doing everything it can to avoid covering this fact.
For those Americans struggling to find a job, this massive tax increase will not make it any easier. Sadly, Liberals in Washington and political commentators are already salivating over the idea of additional taxes. They cannot stand the idea of a federal government that lives within its means.
The coming tax increases will be devastating. Every American that pays taxes will see their rate go up. The small business tax rate will grow to nearly 40 percent. The AMT will grow from 4 million to 31 million victims. The death tax will take half of what many Americans leave behind when they die. The capital gains rate will rise from 15 to 24 percent, and the top dividend rate will rise from 15 to 45 percent. The marriage penalty will return, and the child tax credit will be cut in half. Obamacare will impose 20 new or higher taxes on families and small employers, including a new tax on medical devices like braces and pacemakers
As you approach election season, it is vitally important that you ask candidates and elected officials about the coming Taxmageddon: do they support raising taxes on millions of Americans or will they fight for lower taxes and less government spending?
You have the right to know where your elected officials and candidates for office stand on important issues. One of the best ways to know where a candidate stands on taxes is the Taxpayer Protection Pledge. Currently, 238 members of the U.S. House of Representatives and 41 U.S. Senators have taken the Pledge, which is a written commitment to oppose net tax hikes. In addition, there are over 247 candidates running for Congress that have made that same commitment.
President Obama has promised to let the 2001 and 2003 tax cuts expire. If this happens, the only way to immediately reverse Taxmageddon in 2013 is to elect officials who promise to oppose higher taxes. Candidates who sign the Taxpayer Protection Pledge have made that promise to taxpayers.
Elected officials will only focus on reining in Washington’s irresponsible spending binge when tax hikes are taken off the table. The first step in that process is making sure they promise to hold the line on taxes.
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