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$494 billion tax increase to hit in 2013
The Daily Caller ^ | April 10, 2012 | Caroline May

Posted on 04/10/2012 8:02:44 PM PDT by Free ThinkerNY

It will be up to Washington to save the country from what the Washington Post has dubbed “Taxmageddon” — the looming tax increase set to hit Americans on Jan. 1.

Curtis Dubay, a senior analyst in Tax Policy at the Heritage Foundation, has chronicled the taxes set to hit if Congress and the administration do not make adjustments.

According to Dubay, Americans will see a $494 billion tax increase at the beginning of 2013.

“[The tax increase] is hitting because of expiring tax policies and the beginning of five taxes in Obamacare,” Dubay told The Daily Caller.

Dubay’s study of the looming $494 billion tax increase highlights the policies set to expire. These include the Bush tax cuts, the payroll tax cut, the Alternative Minimum Tax (AMT) patch, the tax cuts in the 2009 stimulus, tax extenders, the estate tax adjustment, and 100 percent business investment expensing.

Additionally, Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year.

“Seventy percent of the tax hike falls directly on middle and low income families,” Dubay said. “That might surprise some people because you’ve heard for the last 12 years that the Bush tax cuts were just tax cuts for the rich, which is simply not true.”

(Excerpt) Read more at dailycaller.com ...


TOPICS: News/Current Events
KEYWORDS: 2013taxincreases; elephantintheroom; middleclasstaxhike; taxhike; taxincreases

1 posted on 04/10/2012 8:02:48 PM PDT by Free ThinkerNY
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To: Free ThinkerNY

Additionally, Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year.


There’s some Hope and Change for ya.


2 posted on 04/10/2012 8:26:22 PM PDT by unkus (Silence Is Consent)
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To: Free ThinkerNY
“That might surprise some people because you’ve heard for the last 12 years that the Bush tax cuts were just tax cuts for the rich, which is simply not true.”

With any luck I will be completely tax free by 2013. And many, many others are preparing to do the same. Yeah, Tax increases, that will work.

3 posted on 04/10/2012 8:28:43 PM PDT by D Rider
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To: Free ThinkerNY
“That might surprise some people because you’ve heard for the last 12 years that the Bush tax cuts were just tax cuts for the rich, which is simply not true.”

With any luck I will be completely tax free by 2013. And many, many others are preparing to do the same. Yeah, Tax increases, that will work.

4 posted on 04/10/2012 8:28:56 PM PDT by D Rider
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To: Free ThinkerNY

But after the his re-erection, The Messiah will have more flexibility. Isn’t that what’s most important?


5 posted on 04/10/2012 8:32:37 PM PDT by Rembrandt (.. AND the donkey you rode in on.)
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To: unkus
Well if Obama gets reelected it won't matter will it that is why the taxes in Obama Nocare were to be started after his reelection. He and the democrats will just blame the republicans anyway ans with the friends in low places news media they will blame the republicans too. I have to say some people are so stupid I have actually heard people repeat the mantra that the gas being so high now is not really a problem not like it was 4 years ago. The whole world has gone insane.
6 posted on 04/10/2012 8:35:11 PM PDT by funfan
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To: unkus

but vote third party...that’ll show em!!!!(stomping foot and making a face)


7 posted on 04/10/2012 8:35:58 PM PDT by cherry
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To: funfan

I have actually heard people repeat the mantra that the gas being so high now is not really a problem not like it was 4 years ago. The whole world has gone insane.


Yep, and we’re in for more insanity.


8 posted on 04/10/2012 8:40:58 PM PDT by unkus (Silence Is Consent)
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To: Free ThinkerNY
i guess the Mayans were off by a couple months...
9 posted on 04/10/2012 8:42:44 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Free ThinkerNY

Declare Obamacare unconstitutional, then let the Bush tax cuts for each any every taxpayer expire.

I have no problem with that. Let the low income and lower middle class feel some of the pain, and get rid of this Zer0 class warfare on the rich. Let 75% of workers pay taxes rather than 50%!

On a percentage basis, under the Bush cuts, the lower income citizens got a much more handsome tax decrease than the high earners. Let’s spread the tax burden to all who benefit from living in the US.


10 posted on 04/10/2012 8:45:55 PM PDT by Noob1999 (Loose Lips, Sink Ships)
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To: Free ThinkerNY

Anymore good news from this hopey/changey thug!?


11 posted on 04/10/2012 9:08:54 PM PDT by blondee123 (Our country is headed for DICTATORSHIP! WAKE UP!)
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To: Noob1999

I’m all over that. They are going to have to be shown that the Bush tax cuts helped them more than it did the rich. The lower and middle wage earners never had it so good. They hardly pay any taxes at all. Losing the Bush tax cuts will hurt the lower class much more than it does the higher end wage earners... the ones who live on capital gains will never see the difference.


12 posted on 04/10/2012 9:17:22 PM PDT by Sequoyah101 (Half the people are below average.)
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To: unkus

In light of this, I am wondering if the democrats hope a republican wins the presidency. All this stuff hits before January 20th, so the first day in office the republican gets nailed by all these angry people for something Obama and the prior congress’s did.

Also explains why Obama’s arming DHS and IRS up the ass.


13 posted on 04/10/2012 9:36:48 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: Free ThinkerNY

“Seventy percent of the tax hike falls directly on middle and low income families,”

GOOD!! Because that’s where the money is. These are the people that MUST be taxed if the government wants to raise any revenue. The rich will simply squirm around the increases, in one way or another.

Why do I sound happy? Simple - the old people, even on this site, are not willing to LIFT A FINGER to try to pay for what they demand from the government (i.e., Social Security and Medicare), so we might as well start trying to pay for that crap now.

In another universe, they might accept that those ‘entitlements’ need to be made into welfare programs and means-tested (along with with kids being required to pay parental support, if they have the means). But I don’t see that happening anywhere near soon. So instead it’s either much higher taxes, or an economy that simply COLLAPSES due to debt. Given those two options, I’ll take the taxes, since I have kids.


14 posted on 04/10/2012 9:39:38 PM PDT by BobL
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To: BobL

“Simple - the old people, even on this site, are not willing to LIFT A FINGER to try to pay for what they demand from the government (i.e., Social Security and Medicare”

HMMMM I think I lifted many fingers since I was 15 years old paying into this social security system, mainly at the rate of 15% of my income because I was self employed. I resent your arrogance and assumption that you are right because you are “young” and have kids.

As far as I’m concerned the government took 15% of my money by force, promised me that I would have a return on MY money in my “old age” and then they stole MY money and spent it on who knows what. Now they want to make their theft my fault and turn us against each other and they’ve even convinced you to turn against the aged because of it!


15 posted on 04/10/2012 10:01:32 PM PDT by tinamina
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To: Free ThinkerNY

More of Obama’s “critical theory”. Destroy everything and the slaves will beg for just a little.


16 posted on 04/10/2012 10:02:45 PM PDT by Dapper 26
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To: tinamina

Very well said.


17 posted on 04/10/2012 10:23:20 PM PDT by Fast Moving Angel (Newt's not a perfect candidate but Jesus isn't running this year. - shoff)
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To: tinamina; BobL

Oh come on tina...So the government took tens of thousands or more from your income over the decades...Like Bob said, just forget it, and plan on working until you drop dead.

Don’t be so greedy tina.

And keep paying those government taxes to support those lottery style government retirement pensions and their top shelf benefits.

Back to work!


18 posted on 04/10/2012 10:24:48 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Secret Agent Man

In light of this, I am wondering if the democrats hope a republican wins the presidency. All this stuff hits before January 20th, so the first day in office the republican gets nailed by all these angry people for something Obama and the prior congress’s did.

Also explains why Obama’s arming DHS and IRS up the ass.


I’ve been thinking the same thing for some time. Man, they are rotten to the core.

I can guarantee trouble if he is re-elected. People are going to get physical.


19 posted on 04/10/2012 10:31:51 PM PDT by unkus (Silence Is Consent)
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To: BobL
"So instead it’s either much higher taxes, or an economy that simply COLLAPSES due to debt. Given those two options, I’ll take the taxes, since I have kids."

The government has become the economy. Even services, increasingly dependent on government clientele, are relying more on revenues/debt instead of real production. The more regulation, onerous taxes and insane, improper fees. the more revenues will decrease. We'll see how it works out for the political/regulator class over the next few years--recirculating debt through itself. Have fun. Enjoy the slide.


20 posted on 04/10/2012 11:08:59 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: dragnet2

Oh yes, I forgot...I’m so selfish I forgot that the 15% was really my tithe for “the children”. And that I’ll never be done paying it until Obamacare says I’m useless and gives me my pain pills so I can reduce the burden on society by dying quickly.


21 posted on 04/10/2012 11:32:01 PM PDT by tinamina
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To: tinamina

“As far as I’m concerned the government took 15% of my money by force, promised me that I would have a return on MY money in my “old age” and then they stole MY money and spent it on who knows what. Now they want to make their theft my fault and turn us against each other and they’ve even convinced you to turn against the aged because of it!”

No, it was NO SECRET that there was no Social Security Trust Fund. Everyone knew for DECADES that the money was being spent as it came in. So the older people got their (relatively) low taxes while they worked and also got a very nice level of government services. And everyone knew that “the government” was not going to pay them back - they KNEW it was future generations of Americans. Not too good.

But they took it further. Now they’re STRANGLING my kids (and future grand kids) with TRILLIONS of dollars in debt before they even enter the work force. I simply don’t like it.

And while it’s true that older conservatives may not have liked the way the money was spent for the past decades, they at least could do something about it (i.e., run for office, donate to candidates and causes, etc.) - while my kids never had that chance.


22 posted on 04/11/2012 3:53:55 AM PDT by BobL
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To: dragnet2

“And keep paying those government taxes to support those lottery style government retirement pensions and their top shelf benefits.

Back to work!”

I didn’t say that. I said make it means-tested. You let older people live a decent retirement, but not a wealthy retirement. It’s the ONLY way we’ll keep our next generation from living in Third World conditions.

(and by the way, thanks for pinging me, I don’t usually have enough class to do the same)


23 posted on 04/11/2012 3:58:04 AM PDT by BobL
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To: familyop

“The more regulation, onerous taxes and insane, improper fees. the more revenues will decrease. We’ll see how it works out for the political/regulator class over the next few years—recirculating debt through itself. Have fun. Enjoy the slide.”

There is still a lot of money to be wrung out of the poor and middle class - of course they’ll live like crap when it’s over. Not much different than the Brits having to spend their winters in houses that are 58 degrees. But there is revenue there.

And since people are not about to give up what’s ‘owed’ to them, we might as well start taking at least a bit of the burden of that away from our kids.


24 posted on 04/11/2012 4:00:58 AM PDT by BobL
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To: BobL
During the month of November 2008, the "American" voters went to the polls and completed the action they began in 2006. They put in political ogffices those who promised them that they would legally steal from "the rich" and give them the goods that "the rich" earned by the sweat of their brow. Greed and envy had blinded them to the point that they did not realize that, to the Democrat politican, they were the rich.

They are now reaping or on the verge of reaping what they sowed. Let them enjoy it. By the time those they chose to worship are finished with them, the people of Haiti will enjoy a higher standard of living than those in the United States.

25 posted on 04/11/2012 4:25:05 AM PDT by sport
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To: BobL
"There is still a lot of money to be wrung out of the poor and middle class - of course they’ll live like crap when it’s over. Not much different than the Brits having to spend their winters in houses that are 58 degrees. But there is revenue there.

And since people are not about to give up what’s ‘owed’ to them, we might as well start taking at least a bit of the burden of that away from our kids.
"

It's true that firepersons, public school teachers, policepersons, planners, inspectors, administrators, commissioners, social enforcement persons, service/management persons, environmentalists, animal worshipers and the like will probably pay higher taxes, but they already receive their incomes from the declining debt regime. Large clumps of debt in, smaller droppings of revenues out. Socialist schemes devised in those open spaces between their ears are unsustainable.

Technically inclined Americans are getting away from dependence on the plantation. As even the blind are beginning to see, the B is starving. Cutting much spending on regulations/laws against small manufacturing operations and families will be the only way to real revenues. But raise taxes, if you believe that there's too much production and not enough real estate left to non-paying government, banks, etc. Tax hikes will hurt the real parasites the most.


26 posted on 04/11/2012 5:20:57 AM PDT by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: Free ThinkerNY

Raising taxes now will turn the Great Recession II into the Great Depression II.


27 posted on 04/11/2012 5:32:06 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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