‘The Largest Tax Hikes in History’
July 7, 2010
Six months from now the American economy will be sent reeling because three waves of massive tax hikes will take effect January 1, 2011. Have a nice day.
- Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
- Higher taxes on marriage and family.
- The return of the Death Tax.
- Higher tax rates on savers and investors.
- The “Medicine Cabinet Tax.”
- The “Special Needs Kids Tax.”
- The HSA Withdrawal Tax Hike.
- The AMT will ensnare over 28 million families, up from 4 million last year.
- Small business expensing will be slashed and 50% expensing will disappear.
- Taxes will be raised on all types of businesses.
- Tax Benefits for Education and Teaching Reduced.
- Charitable Contributions from IRAs no longer allowed.
Source: Americans for Tax Reform