The Bush tax cuts expire on December 31st, 2012. Some of your new ObamaCare costs kick-in at the same time. Your new tax rates are below. I cannot link the source as it came to me from an investment advisor. If interested, a few days ago I posted on corporate tax cuts designed to shake down oil and gas, boost Unions and gain Democrat donors. Read it here.
When the new tax under health care reform is added to the expiration of the Bush tax cuts, in 2013:
• The top tax rate on ordinary income will rise from 35% to 43.4%—an increase of almost 25%
• The top tax rate on capital gains will rise from 15% to 23.8%—an increase of almost 60%
• The top tax rate on dividends will rise from 15% to 43.4%—an increase of almost 300%
• The estate tax exemption will drop from $5 million to $1 million and the estate tax rate will rise from 35% to 55%—an increase of over 55%
Most important, Congress need not pass a single piece of tax legislation in 2012 for these tax rates to take effect in 2013. They will happen by default.
End investment advisory.
Nearly all taxes impose hidden costs by choking off economic activity. In a soon-to-be-released Cato Institute study, Duke University professor Christopher J. Conover estimates how much economic activity the recently enacted health care law — the Patient Protection and Affordable Care Act — will destroy. Failing to account for those hidden costs of taxation and government spending can bias legislative decisions toward more costly policies. Conover argues that honest and transparent governance requires that Congress account for the “excess burden of taxation” in its legislative cost estimates, baseline budget projections, and budget options — much like the Office of Management and Budget already does.
In one year, the cost of ObamaCare has skyrocketed by $111 BILLION dollars – just one year, and they are still planning and adding and mandating.
The solution: vote every Democrat and every RINO (Republican in Name Only) out of office in November 2012. Pick true Conservatives in races across the country and support those in need. Remember that all politics are no longer local, as every vote in Congress affects your family and mine.