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Response to Demeter (Original post)

Sun Jun 24, 2012, 08:10 AM

63. Taxmageddon Coming. (Shedlock)

http://globaleconomicanalysis.blogspot.com/2012/06/12-reasons-us-recession-has-arrived-or.html#ixzz1yi9UX3jb

When the NBER, the official arbiter of recessions finally backdates the recession, May or June of 2012 appear to be likely months.

... see link ... lists, with charts, reasons: Manufacturing, Philly Fed Survey, Misguided Optimism, Taxmageddon ...

Taxmageddon

Please consider Taxmageddon

The Tax Foundation reports that because of higher federal income and corporate tax collections, Tax Freedom Day came four days later this year than last. And the bad news is that unless Washington takes action, it will take working Americans 11 more days to meet next year’s tax burden.

That’s all due to Taxmageddon — a slew of expiring tax cuts and new tax increases that will hit Americans on January 1, 2013, amounting to a $494 billion tax hike. Heritage’s Curtis Dubay reports that American households can expect to face an average tax increase of $3,800 and that 70 percent of Taxmageddon’s impact will fall directly on low-income and middle-income families, leaving them with $346 billion less to spend.

... Without significant tax code changes, in 2013, America is scheduled to get hit with what would be the largest tax increase in our history.

Not only will the $1,000 per year tax holiday for a $50,000 income household disappear, come 2013 all Americans will see the tax on their first $8,700 of income jump from a 10% rate to 15% rate.

That hike will cost the majority of filers an additional $435.

For those eligible for child care tax credits that deduction will drop from $1,000 to $500. The marriage penalty will roar back into effect. The AMT, alternative minimum tax, will finally kick in.

Roll those changes up and a family filing as married with two children making $50,000, will see their taxes increase by basically $2,700.

Regardless of whether or not you feel taxes need to be raised, a big set of tax hikes is scheduled to happen.

To be sure, some of those hikes will be undone in compromises, but many if not most will sneak through...

/.. Read more: http://globaleconomicanalysis.blogspot.com/2012/06/12-reasons-us-recession-has-arrived-or.html#ixzz1yi9UX3jb

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