120 Days to Go Until the Largest Tax Hikes in History

Americans for Tax Reform ^ | September 3, 2010 | Ryan Ellis

[george76]

They will hit families and small businesses in three great waves on January 1, 2011:

First Wave: Expiration of 2001 and 2003 Tax Relief...

Personal income tax rates will rise...Higher taxes on marriage and family.

Second Wave: Obamacare

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011...

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:

The AMT will ensnare over 28 million families, up from 4 million last year.

[DarthVader]

Nov 2nd 2010, the Tsunami hits destroying these tax increases right in their tracks.

[AU72]

I'm dumbfounded at the political obtusness of the democrats.

They are probably going to extend all the cuts at least temporarily but not until December.

If they did it today it would give a immediate stimulus to the economy and mitigate their election disaster in November.

[yoe]

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:

Higher taxes on marriage and family.

The return of the Death Tax.

Higher tax rates on savers and investors.

Second Wave: Obamacare There are over (twenty new or higher taxes in Obamacare).

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes