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Have you heard the term Taxmageddon? If you haven't, you should be hearing about it come Sunday September 23 because that is when the 100 day countdown begins for the largest tax hikes in American history.
If they actually happen on January 1, 2013 this will surely drive us ever closer to economic collapse if that doesn't happen before the end of 2012.
The reason this date is called Taxmageddon is because there are a whole host of taxes that are set to go into effect and tax cuts that are set to expire that will take billions from the economy
and from the hands of the middle class and the wealthy and give it to a wasteful and unproductive government.
Many of these are taxes that were enacted by the GOP Congress in 2001 and 2003 and include the Bush tax cuts that liberals like to say were for the wealthy and cost the government dearly.
But not only are the so-called Bush tax cuts set to expire, many other taxes are going into effect along with many from the Obamacare Healthcare legislation.
Here are some of the taxes slated to take effect on January 1, 2013: Every income tax bracket will increase taxes from 3% to 5%.
The Child Tax Credit will be reduced from $1,000 to $500 per child.
The Death Tax or inheritance tax that is at 35% and has a $5 million exception will jump 20% to 55% and have the highest rate imposed on $1 million or more of inheritance.
Capital Gains tax goes from 15% to 23.8% in 2013.
Several Obamcare taxes go into effect from the 20 or more taxes in his signature legislation. And yes, most of this taxes will hit the middle class hard. (Remember folks, this is what you asked for.)
We are talking about a $494 billion dollar chunk of money, every year, being taken out of the hands of the spending public and given to government to shuffle around taking a huge percentage of it in the process.
That is exactly what's happening and it will cost the average American family $4,100 every year. Will Congress and President Obama act and do something about this? Your guess is as good as mine.
Do you think we are heading for economic collapse any time soon?