Heritage "How could nearly half a trillion dollars in higher taxes hit the American people so fast? What hath prior Congresses wrought? Heritage’s Curtis Dubay explains that the tax hikes come from a series of expiring tax cuts and the imposition of even more new taxes. And Heritage’s J.D. Foster writes that Americans can expect to see the following tax consequences starting next year:
Obama Keeps Recycling Failed Tax Policies "There he goes again. It seems that President Obama just can’t help himself. He keeps pushing Congress to pass policies it has rejected in the past or has foolishly passed to little beneficial effect."
...."On Wednesday, House Speaker John Boehner (R-OH) announced that his chamber will take up the issue before the November election. Knowing Washington’s general reluctance to do anything of substance in an election year, Boehner’s announcement was welcome news given the disastrous ramifications the threat of such a massive tax hike is already having on the economy. "- Income tax rates shoot up,- The child credit is cut in half,- The marriage penalty roars back,- The capital gains tax rate goes up,- The dividend tax rate soars,- The payroll tax rate jumps two percentage points,- The death tax is restored to its punitive past,- The Alternative Minimum Tax relief expires, and- A uniquely pernicious additional payroll tax hike from Obamacare takes effect.
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