A Tax Increase for Everybody
Who said that Washington’s not fair? Here is a partial list of tax increases that will happen automatically over the next few months and years if something is not done.
When the economy slows down we don’t need more taxes.
Hat tip: Green Eyeshade blog.
2008:
- The exemption for the Alternative Minimum Tax (AMT) will decrease from $44,350 to $33,750 for single filers and from $66,250 to $45,000 for married couples filing jointly.
- Taxpayers will not be allowed to deduct their state and local general sales taxes from their federal income tax.
- Taxpayers will not be able to adjust their income for qualified tuition and related expenses.
- Businesses will not be able to claim a tax credit for research, experimentation, and development activities.
- First-time homebuyers in the nation’s capital will no longer be able to claim a tax credit.
2011:
- The marginal income tax rates will increase as follows:
–35% bracket will increase to 39.6%
–33% bracket will increase to 36%
–28% bracket will increase to 31%
–25% bracket will increase to 28%
–10% and 15% brackets will condense to 15%
Here’s what it comes down to: Unless something is done to curb spending and control government, our taxes are going to increase. Unfortunately, our tax policy is pretty complex right now so some politicians can offer short term solutions that provide temporary relief for some but still leave the underlying problems intact.
As part of his solution to reduce the tax burden on the American people, Luke Puckett has declared his support for a two-year moratorium on pork spending. Luke realizes that now, especially as economic uncertainty is on the rise, the American people need to be free to keep more of their own money and the Government must tighten it’s belt just like everyone else.
