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April 12th, 2012 
FAKE NEWS for the Zionist agenda
It will be up to Washington to save the country from what the Washington Post has dubbed “Taxmageddon” — the looming tax increase set to hit Americans on Jan. 1. Curtis Dubay, a senior analyst in Tax Policy at the Heritage Foundation, has chronicled the taxes set to hit if Congress and the administration do not make adjustments. ~ Caroline May
According to Dubay, Americans will see a $494 billion tax increase at the beginning of 2013.
“[The tax increase] is hitting because of expiring tax policies and
the beginning of five taxes in Obamacare,” Dubay told The Daily Caller.
Dubay’s study
of the looming $494 billion tax increase highlights the policies set to
expire. These include the Bush tax cuts, the payroll tax cut, the
Alternative Minimum Tax (AMT) patch, the tax cuts in the 2009 stimulus,
tax extenders, the estate tax adjustment, and 100 percent business
investment expensing.
Additionally, Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year.
“Seventy percent of the tax hike falls directly on middle and low
income families,” Dubay said. “That might surprise some people because
you’ve heard for the last 12 years that the Bush tax cuts were just tax
cuts for the rich, which is simply not true.”
“Sixty percent of the tax cuts in the Bush tax cuts are direct cuts
for middle and low income families,” he explained. “The payroll tax cut
is a middle and low income family tax cut, and the AMT patch, the whole
purpose of it is to prevent a tax hike on middle and low income
families. So when you add it all up 70 percent of that [nearly] $500
billion figure is a direct tax increase on middle and low income
families.”
Dubay added that the increases are just a part of the cost set to
result if Congress and the administration do not deal with the coming
changes.
“That is just the direct part,” he explained. “The rest of the taxes
fall on job creators, businesses that pay their taxes under the
individual tax code, investors, entrepreneurs, other businesses. So the
indirect effect hit Americans at all income levels, including middle and
low income because the economy will slow, job creation will slow, and
wages will not grow as fast.”
Federal Reserve Chairman Ben Bernanke warned the House Financial Services Committee of the potential tax onslaught in February.
“Under current law, on Jan. 1, 2013, there’s going to be a massive
fiscal cliff of large spending cuts and tax increases,” he said of the
expiration of the Bush tax, the expiration of a payroll tax cut and $1.2
trillion in spending cuts, according to The Hill.
“I hope that Congress will look at that and figure out ways to achieve
the same long-run fiscal improvement without having it all happen at one
date.”
According to Dubay, Congress and the administration are likely to to
delay dealing with the issue until after the election, which will cause
uncertainty in the marketplace in the interim.
“The uncertainty caused by Taxmageddon is slowing the economy today.
Businesses, families, investors have no idea what their tax rate is
going to be in nine months. That is causing them to hold back on making
decisions today,” he said, adding that businesses do not know whether to
hire, investors do not know whether to invest and families cannot plan
their short-term financial future because nobody knows what their taxes
are going to be.
The Washington Post has reported
that Mark Zandi, the chief economist for Moody’s Analytics, is
predicting that “Taxmageddon,” in cahoots with debt deal spending cuts,
will reduce economic growth by three percentage points.
Zandi was more sanguine, however, about the final outcome.
“My forecast is that tax rates are not going to rise for everyone on January 1, 2013,” he said.
Caroline May April 10, 2012 – DailyCaller
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