It looks like Congress is going to scamper out of Washington, D.C. having done nothing to stop the largest tax hikes in history. In just 100 days, you will be paying higher taxes than you have in over a decade. What does this mean for you, for your family, for your small business?
If you pay taxes, your taxes are going up. Even the lowest tax rate will rise from 10 to 15 percent. Everybody's tax rate is going up, from the kid with a lemonade stand clear up to Warren Buffett.
If you have a small business, the rate at which a majority of small business profits are taxed will rise from 35 to 40 percent. If you're one out of four working Americans who gets his paycheck from a small employer, this might lead to a pink slip for you.
If you have a family, you will see the return of the marriage penalty (a tax bonus for shacking up instead of getting hitched) and the child tax credit cut in half to $500.
If you're an investor, you can count on the stock market taking a hit as the capital gains tax rises from 15 to 20 percent and the dividend tax spikes from 15 to 40 percent.
If you plan on dying at some point in your life, you can look forward to the return of the death tax. It's gone for the rest of the year, but in January it comes back with a 55 percent top rate.
None of this includes the two dozen new or higher taxes in Obamacare. Nor does it factor in the hundreds of tax hikes which Congressional Democrats have already let through, and which you won't find out about until you sit down to do your taxes next Spring.
ATR needs your help to get the word out. Tell your friends, family, and neighbors about these tax hikes. We've listed them all for you in plain English. Feel free to print them out and distribute them, too.
America needs to know that we'll all face the largest tax hikes in history in just 100 days.
President, Americans for Tax Reform