“I’ve said that this is a make-or-break moment for the middle class, and I believe it,” President Obama told an Ohio crowd yesterday. Indeed it is—because in a sluggish economy, American taxpayers are about to be clobbered by the largest tax increase in history.
Starting January 1, 2013, Americans will face a $494 billion tax increase, the highest ever in one year. According to The Washington Post, congressional aides started calling it “Taxmageddon”—a chilling reference fit for an apocalyptic nightmare. Federal Reserve Chairman Ben Bernanke has warned that it will be a “massive fiscal cliff” for the economy.
How will this affect you? Heritage has a new Taxmageddon page that shows the impact of these tax hikes on individuals. It includes an interactive map where you can click on your state to see what the average tax increase will be, based on the average income of taxpayers in your state.
Heritage research shows that families will see an average tax increase of $4,138. Baby boomers’ average increase will be $4,223, and low-income taxpayers can expect a $1,207 increase. Millennials will be hit with an average hike of $1,099, and retirees $857. Check out the infographic to see where you fall.
Taxmageddon falls primarily on middle- and low-income Americans. That’s because, contrary to the President’s rhetoric about “the wealthiest Americans,” 60 percent of the Bush tax cuts went to middle- and low-income taxpayers. The expiration of the patch on the Alternative Minimum Tax (AMT) will cause these taxpayers to pay a tax that was never supposed to hit them, and the expiration of the payroll tax cut is a tax hike almost exclusively on middle- and low-income families.
Read More at The Foundry. By Amy Payne.
Photo Credit: 401K 2012 (Creative Commons)
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Just what we need! Gas is already so over priced that most of us poor folks have trouble just keeping enough in our tanks to get us to our jobs, providing we even have one…….and now, more taxes? Anybody remember the Real Boston Tea Party? Does anyone out there remember why we went to war with Great Britain back in the day? HUH? King George leveled taxes on the colonists on everything! Tea was the “straw that broke the camel’s back” and that is why “Paul Revere and the Raiders” dumped the shipload in the water. If I am not mistaken, I think it is why we became a nation of coffee drinkers too! Or one of the reasons. However, taxes are the reason we told Great Britain to shove it, and went to war with her. Now again, we are faced with too much tax on everything, and now is the time for us to “make war on Washington” and the greedy sons of bitches who are hellbent on making our lives a living hell! It is time to bring out our pitchforks and shovels, and muskets and everything we can, to defeat this hellish machine that is destroying us and our way of life. This Disease, this Insult, who has done nothing to help us, and EVERYTHING TO DESTROY US, MUST GO! And, however he goes, where ever he goes, we do not care, so long as it is not back in the Oval Office to make our lives even more miserable, and unbearable! Enough people, enough is more than enough already! Do we shame our forefathers and sit on our rearends and allow this to continue, or do we make our forefathers proud and stand up and fight for the same things they did, and conquer this EVIL that has invaded and infected our nation so? I say we make them proud of us and rid our nation of all evil in Washington! Reinstate our Rights and Respect our Constitution by standing tall on this Independance Day!!!!!! Now is the time for all good men (and women) to come to the aid of their country!!!!