Economic Collapse – 100 Days Till Taxmageddon

September 21, 2012 4:18 pmViews: 234

Have you heard of Taxmageddon? If you haven't, you should be hearing about it come Sunday September 23 because that is when the 100 day countdown begins for the largest tax hikes in American history.

If they end up happening on January 1, 2013, because Congress or President Obama doesn't act, this will surely drive us ever closer to economic collapse if that doesn't happen before the end of 2012. The reason this is called Taxmageddon is because there are a whole host of taxes that are set to go into effect and tax cuts that are set to expire that will take billions from the economy and from the hands of the middle class and the wealthy and give it to a wasteful and unproductive government.

Many of these are taxes that were enacted by the GOP Congress in 2001 and 2003 and include the Bush tax cuts that liberals like to say were for the wealthy and cost the government dearly although they were for everyone across the board. But not only are the so-called Bush tax cuts set to expire, many other taxes are going into effect along with many from the Obamacare Healthcare legislation.

Here are some of the taxes slated to take effect on January 1, 2013:

Every income tax bracket will increase taxes from at least 3% to up to 5%.

The Child Tax Credit will be reduced from $1,000 to $500 per child.

The inheritance tax or what is called the Death Tax that is currently at 35% and has a $5 million exception, will jump 20%, from 35% to 55% and have that 55% rate imposed on $1 million or more of inheritance. (This is the number one worst tax in our country and is outright theft. When an individual or couple want to pass on wealth to a family member they have already paid taxes all their lives on this money, but when they die, the government then gets half of it, all for doing absolutely nothing. This is criminal!)

Capital Gains tax goes from 15% to 23.8% in 2013.

Several Obamcare taxes go into effect from the 20 or more taxes in his signature legislation. And yes, most of this taxes will hit the middle class hard. (Remember, this is what you asked for.)

There are a few more that will go into effect on January 1, 2013 and this will have a terrible and debilitating effect on the economy because it will be the biggest redistribution of money from the private sector, where actual spending and economic activity occur, to the government where resources are misallocated, wasted, spent on bureaucrats and benefits for Congress, the President and others.

This is a huge $494 billion dollar chunk of money, every year, being taken out of the hands of the spending public and given to government to shuffle around taking a huge percentage of it in the process. That is exactly what's happening and it will cost the average American family $4,100 every year. Will Congress and President Obama act and do something about this? Your guess is as good as mine.

Do you think we are heading for economic collapse any time soon?

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