As Bush Tax Cuts Expire In December
Congress already looking for ways to raise your taxes
Wow. You’ve almost certainly been hearing that the “Bush tax cuts” are set to expire at the end of the year. But are you aware of what that truly means for America and America’s families?
Just for starters, a single one of the 68 expiring provisions— the payroll tax rollback—will mean another $1,000 in income tax for the average family!
It only gets worse from there. Married couples will pay more. Those benefiting from the Earned Income Tax Credit will see that plummet. Gone will be incentives for businesses to develop new research and technology, an oft-overlooked yet critical part of any plan to reduce our rampant unemployment.
Here come the death tax and massive inheritance taxes again. Increased investment taxes will likely result in huge numbers of stock shares being sold off, and the effect on Wall Street will be brutal. The “alternative minimum tax” will strike literally MILLIONS of taxpayers.
Have you been deducting local sales tax? Looking to get a break on that new energy efficient washer and dryer? Taking mass transit? Forget about it. They’re all gone.
The non-partisan Congressional Budget Office sees the handwriting on the wall. Their official estimation is that such a massive tax increase will plunge the country into a deep recession. As if it wasn’t bad enough already.
The total cost of this monstrosity? ONE HUNDRED AND NINETY-FIVE BILLION DOLLARS in 2013 alone. Numbers that large are too staggering to comprehend. Put it this way. If you stacked hundred dollar bills, by the time you finished the stack would be over 15,000 MILES high. That’s enough to reach the International Space Station (and back!) more than THIRTY TIMES!
The media has dubbed this “Taxmageddon.”
“Millions are unemployed and millions more are underemployed and the country is facing the largest tax hike in history at the end of the year,” Senate Republican Leader Mitch McConnell said last week in a speech on the Senate floor.
On May 17, a letter from 41 Republican senators to Senate Majority Leader Harry Reid (D-NV) complained, “This would be, without any exaggeration, the largest tax increase in American history.”
There is some hope. “Any sudden tax hike would hurt our economy, so this fall—before the election—the House of Representatives will vote to stop the largest tax increase in American history,” House Speaker John Boehner (R-OH) said last month.
However, you can be certain that Democrat politicians care far more about Obama’s reelection than they do your wallet!
That $195 billion figure above is from Obama’s tax plan.
Please, this very moment, take a few seconds to fax Congress with your demand that they leave your wallet alone. It would seem that a concerted effort by concerned citizens is all that stands between America and a deadly fiscal cliff.
P.S.: In absolute dollars, this is by far the biggest tax increase in history. We paid for World War II with a considerably smaller one. Only you can stop it. Please click here to do so!