Taxmageddon: Massive Tax Increase Coming in 2013

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Budget Bulletin Your source for federal budget news and analysis Recent Updates The Buffett Rule is a Calculated Distraction from Obama’s Failed Leadership So, Where Is the President’s Solution to the Fiscal Crisis? No Fooling: U.S. Now Has Highest Corporate Tax Rate in the World Senate Has an Un-Budget, Parliamentarian Rules Featured Research Taxmageddon: Massive Tax Increase Coming in 2013 By Curtis Dubay If President Obama and Congress fail to act this year, an enormous, unprecedented tax increase will fall on American taxpayers starting on January 1, 2013. The Washington Post called the looming tax increase “Taxmageddon,” and Federal Reserve chairman Ben Bernanke called it a “massive fiscal cliff.” This impending tax increase is mostly the result of the expiration of many long-standing policies that all expire at the end of 2012. President Obama and Congress should start working together now to prevent this massive tax increase rather than waiting until the end of the year. That would assure families, businesses, and investors that their taxes will not rise sharply as the economy is still staggering to its feet and show the voters that Washington really can get important things done—even in an election year. Taxmageddon is a $494 billion tax increase that strikes at the beginning of 2013. Under current law, tax policies in seven different categories will expire, and five of the 18 new tax hikes from Obamacare will begin. >> Click here to read the rest of the story Chart of the Week Get more charts with Heritage's Federal Revenue and Spending Book of Charts About The Heritage Foundation Founded in 1973, The Heritage Foundation is a research and educational institute - a think tank - whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense. The Heritage Foundation | 214 Massachusetts Ave NE, Washington, DC 20002 | 202.546.4400