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Politics : The Obama - Clinton Disaster
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To: John who wrote (36091)9/5/2010 3:24:45 PM
From: Hope Praytochange1 Recommendation  Read Replies (3) of 103300
 
As a new report from Americans for Tax Reform shows the impact of the largest-ever tax hike that's coming in just 120 days as the Bush tax cuts expire.
On New Year's Day, "The top income tax rate will rise from 35% to 39.6% (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10% to 15%. 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."

Of crucial importance to entrepreneurship and job creation, the top capital gains tax rate rises from 15% to 20% next year, while the top rate for taxation of dividends rises from 15% to 39.6%.

And, "These rates will rise another 3.8% in 2013," ATR points out.

Then there are the 20 new or increased taxes dictated by the ObamaCare government takeover of the health care system. All told, Americans' taxes will go up by $3.1 trillion, as Heartland Institute economist John Nothdurft reported last week.
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