100 Days Until Taxmageddon (largest tax hikes in the history of America)

atr.org ^ | 9/20/2012

[GrandJediMasterYoda]

100 Days Until Taxmageddon

Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2013:

First Wave: Expiration of 2001 and 2003 Tax Relief In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010).

The following tax hikes will occur on January 1, 2013:

Personal income tax rates will rise on January 1, 2013. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.

The full list of marginal rate hikes is below:

-The 10% bracket rises to a new and expanded 15%

-The 25% bracket rises to 28%

-The 28% bracket rises to 31%

-The 33% bracket rises to 36%

-The 35% bracket rises to 39.6%

Read more: http://atr.org/days-taxmageddon-a7203#ixzz277YSfPmP

[GrandJediMasterYoda]

Well this most certainly will improve the economy...

[Kirkwood]

All of the FReepers wanting tax deductions and exemptions to be phased out should be overjoyed with the democrats. Well, here it comes. Enjoy.

[Focault's Pendulum]

Redistribute!!!

[Sopater]

Well, at least it will happen after the Nov election so the Dems will be able to blame the new Republican majority in both houses for the tax increases... (I wish I were being sarcastic)

[ZX12R]

Instead of injuring an already ailing economy, this will be more like putting a pillow over its face and attempting to bring an end to the suffering. Add inflation due to Ben’s QE3 and death’s door approaches.

[Squawk 8888]

I feel like I'm living in bizarro world- Canada will have lower federal rates than the USA. Our top marginal rate is 29% which kicks in above $130k. Here are our rates for 2012: ■ 15% on income less than or equal to $42,707 (formerly $41,544); ■ 22% on income greater than $42,707, but less than or equal to $85,414 (formerly $83,088); ■ 26% on income greater than $85,414, but less than or equal to $132,406 (formerly $128,800); and ■ 29% on income greater than $132,406 (formerly $128,800). Rates will be the same next year but the brackets will be increased as they are indexed to inflation. Deductions for our pension plan (equivalen to FICA) are also lower, and our corporate tax rates are lower. Our achilles' heel is payroll & consumption taxes (our VAT in Ontario is 13%). As I mentioned in another thread, it seems that since Stephen Harper took office in 2006 our contries have been heading in opposite directions.

[SERE_DOC]

The obvious remedy to this....

Since the congress and this turd of a president don't listen to the people they are supposed to represent...

and have done either by willful disregard of the Constitution or edict (see executive order)

How about the 53% who pay taxes just say F*$K You and not.....

[crazydad]

We need 100 million people to stop paying their taxes. How do you go about that?

[9422WMR]

If all 100 million increased the number of dependents on their tax form, it would hurt the gov.
found this:
“think 99 is the max. for withholding allowance. I wouldnt do it. It usually only takes about 5 (depending on your income) for taxes to stop coming out of your paycheck. If you owe 1k or more at tax time you will have to pay a penalty.”
Claim 5 dependents, you will have to pay tax on April 15th, if you owe it, so no free money back that the IRS took from you anyway.

[ShadowAce]

The Founding Fathers did not need that percentage of people to protest taxes. A small group merely threw the tea into the harbor.

That's what we need.

[GrandJediMasterYoda]

Now THAT is something I would LOVE to see! Demon-rats want to destroy this country, OK fine. Let’s do it the right way and have a tax strike. Demon-rats have no problem with unions doing it every 3 seconds, OK good. Then let’s see how they would like a strike where the 53% decide to say “Stick it up your Marxist arse!” And as we have seen with illegal immigration, if “everybody is doing it” then that makes it perfectly legal!

[Gator113]

I have never filed an extension, so I do not know what all it entails, but if we all did that, it would certainly cause a sh*t storm.

[92nina]

And the Democrats have the whole #OffTheCliff campaign to boot.

[lowbridge]

Bump

[GeronL]

A taxpayer strike would be cool

[Evil Slayer]

Dems will be able to blame the new Republican majority in both houses for the tax increases...

I just hope we HAVE a majority in both houses by then.

[PapaNew]

Voting for people who will raise your taxes is like asking your boss for a demotion. Yet they continue to vote for these demagogues.

Obama and the Democrats are all about demoting America.

[Osage Orange]

That’s a bout when Obummer would turn off the internets....

[COBOL2Java]

-The 10% bracket rises to a new and expanded 15%

-The 25% bracket rises to 28%

-The 28% bracket rises to 31%

-The 33% bracket rises to 36%

-The 35% bracket rises to 39.6%

[ConservativeMind]

Romney will be no better than 0bama on any given issue. ANYONE BUT ROMNEY! ROMNEY IS THE ENEMY!

(right?)