'Taxmaggedon:' Average Family Will Pay $4K More

Wednesday, 18 Apr 2012 07:37 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The average American family will be hit by a $3,800 increase in their taxes come the New Year unless Congress acts to extend a series of breaks.

Several different tax “holidays’ expire at the end of the year, Fox News reports, and put all together would rake in an extra $500 billion to the national coffers.
January 1, 2013 even has a name – Taxmageddon.

Among those tax holidays due to run out are the Bush-era cuts that would push the bottom rate of income tax from 10 to 15 percent and the top rate from 35 to 39.6 percent.

But that’s not all, Fox says. The child tax credit will be halved from $1,000 to $500, the marriage penalty will return, the tax on dividends will go up nearly threefold and the alternative minimum tax will hit around 34 million taxpayers.

"Almost the entire tax code has been put on a year-to-year lease, and in some cases, month-to-month lease, which is no way to run a tax system," Scott Hodge of the Tax Foundation told Fox. “No American will be unscathed.”



© 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

78 Health Workers Who Treated Ebola Patient Put on No-Fly List

Friday, 24 Oct 2014 11:12 AM

Nearly 80 healthcare workers who treated Ebola patient Thomas Duncan have been sent letters informing them that they hav . . .

Scott Brown, Jeanne Shaheen Locked in NH Senate Duel

Friday, 24 Oct 2014 10:53 AM

The fiery, often bitter New Hampshire race for the Senate between incumbent Democrat Jeanne Shaheen and Republican Scott . . .

Canada PM Hid in a Closet During Parliament Shooting

Friday, 24 Oct 2014 10:29 AM

Canadian Prime Minister Stephen Harper was shoved into a closet when a gunmen stormed parliament, local newspapers said  . . .

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