What do we have to look forward to in 2013 if President Obama is reelected and Democrats retain control of the Senate? Taxmageddon, that’s what. The Washington Post has the rundown of tax increases set to hit in January.
On Dec. 31, the George W. Bush-era tax cuts are scheduled to expire, raising rates on investment income, estates and gifts, and earnings at all levels. Overnight, the marriage penalty for joint filers will spring back to life, the value of the child credit will drop from $1,000 to $500, and the rate everyone pays on the first $8,700 of wages will jump from 10 percent to 15 percent.
The Social Security payroll tax will pop back up to 6.2 percent from 4.2 percent under the deal approved Friday by Congress. And new Medicare taxes enacted as part of President Obama’s health-care initiative will for the first time strike high-income households.
The potential shock to the nation’s pocketbook is so enormous, congressional aides have dubbed it “Taxmageddon.” Some economists say it could push the fragile U.S. economy back into recession, particularly if automatic cuts to federal agencies, also set for January, are permitted to take effect. (Read More)
The Democrats are going to say they want to prevent middle class taxes from increasing, but the only way to do so will be to hike taxes on the wealthy. It’s their usual shtick, and it’s getting so tiresome. This is what happens when Republicans compromise with Democrats.
Via Steven Hayward at Power Line, who ties this into the increase in gas prices.
Don’t expect the economy to improve much with tax increases, higher prices on gas and food, and the crippling regulations on businesses.
Update: Linked by Scared Monkeys – thanks!
Update 2: Wy Blog linked – thanks!
Tags: 2013, gas prices, obama, Tax Increases, Taxmageddon
Let’s not forget that we are going to have at least 2 liberal Supreme court justices that will be “retiring” within the next 4 years. Do we want Obama to apppoint their replacement, or a republican. we can truly bring the court ot the right with two conservative originalist judges replacing Ginsberg or one of the other libs.
We need a Supreme Court with the character to bring our country back to the type it was before FDR and Johnson destroyed it.
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[...] I: Think gas prices are bad, as the Lonely Conservative reminds us … do not forget ‘TAXMAGEDDON’ in 2013.Obama is a walking disaster for [...]
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The higher the gas prices, the higher the chance Obama is going back to Chicago for good. I hope gas is 5-6 dollars per gallon.
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Monday Marauders, or get ready for Taxmageddon in 2013…
The Lonely Conservative sets the tone for this President’s Day, by pointing out what’s coming down the pike at the end of the year….
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And if Obama does get back in with no fear of not getting reelected he will probably raise taxes on the middle class just to destroy us. He has systematically tried to destroy this country over the last 3 years, and the best way to finish it off would be to eliminate the middle class. Just imagine if gets to and stays at $5-6 a gallon and these tax increases hit. More and more people will start depending on the government.
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