Originally Posted by RichieLion

On Jan. 1st 2013 Americans will be faced with a tax increase of about $500 billion dollars.

These tax increase will fall 70% on the middle class.

These increases will be:

>cutting of the child credit
>return of the marriage penalty
>tax on dividends from 15% to as high as 39.6%
>end of 124 million dollar payroll tax cut.
>end of temporary alternative minimum tax fix which may may it hit 34 million taxpayers with provision originally meant for millionaires.

"The expiring cuts would hit all income groups but those at low and middle incomes the hardest."

“Taxmageddon falls 70 percent on middle and low income families. That’s because 60 percent of the Bush tax cuts were for middle- and low-income taxpayers,” Dubay said. The payroll tax cut was aimed at the same taxpayers.

“No American will be unscathed at the end of this year,” says Scott Hodge of the Tax Foundation. “Taxmageddon hits all of us.”

The American Spectator : Marching Toward Taxmageddon

Taxmageddon coming? Answer could cost Americans $500 billion | Fox News

The Onslaught of Taxmageddon « Conservatives Under 30