100 Days Until ‘Taxmageddon’

Friday, 21 Sep 2012 03:36 PM

By Todd Beamon

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Benghazi Coverup Allegations Rejected in Bipartisan House Probe

Friday, 21 Nov 2014 19:11 PM

A two-year investigation by the Republican and Democratic leaders of the House intelligence panel rejects allegations th . . .

Pope Francis: Helping Poor Not Just About Handouts

Friday, 21 Nov 2014 18:16 PM

The Catholic Church seeks recognition of the dignity of the poor and the creation of job opportunities – not simply expa . . .

Breakthrough Stroke Treatment a Game-Changer for Sufferers

Friday, 21 Nov 2014 16:57 PM

'Meet The Doctors' examines a revolutionary new stroke procedure that is giving 'brain attack' victims new hope and help . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved