100 Days Until ‘Taxmageddon’

Friday, 21 Sep 2012 03:36 PM

By Todd Beamon

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Sunday begins the 100-day countdown to “Taxmageddon,” when the largest tax increases in the nation’s history are to take effect.

They will affect families and small businesses in three great waves on Jan. 1, according to Americans for Tax Reform.

They range from the expiration of the Bush-era tax cuts enacted in 2001 and 2003 to the rise of top personal income tax rates from 35 percent to 39.6 percent.

In addition, 20 new or higher taxes related to Obamacare also are on the way. Some already have gone into effect, while others that will be forthcoming, including a tax on medical devices and an increase in the Medicare payroll tax.

The last wave of new taxes includes changes in the alternative minimum tax. As many as 31 million families will be required to calculate their tax burdens twice, and pay taxes at the higher level.

The AMT was created in 1969 to ensnare a handful of taxpayers.

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