The Heritage Foundation went to the trouble of calculating exactly what will happen to the tax liabilities of taxpayers if Taxmageddon stays in place after the first of the year. According to Amy Payne, “Taxmageddon” is the:
• horrifying combination of expiring pro-growth tax policies from 2001 and 2003, the end of the once-temporary payroll tax cut, and just a few of Obamacare’s 18 new tax hikes…
• Taxmageddon will be the largest tax increase EVER to hit Americans. It’s nearly $500 billion in one year, starting January 1. That’s two months away.
Here is Heritage’s breakdown of Taxmageddon’s impact on Americans:
• Families with an average income of $70,662: tax increase of $4,138
• Baby boomers with an average income of $95,099: tax increase of $4,223
• Low-income workers with an average income of $24,757: tax increase of $1,207
• Millennials with an average income of $23,917: tax increase of $1,099
• Retirees with an average income of $42,553: tax increase of $857
But even this fails to measure the real impact of Taxmageddon starting January 1. It’s that most of the tax increases will be borne by small business owners, the ones most responsible for job creation. In an analysis of the Vice-presidential debates, two other analysts from Heritage, Curtis Dubay and Romina Boccia, explain:
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Photo: Tax can be a burden. via Shutterstock