These tax hikes will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
-Personal income tax rates will rise.
-Higher taxes on marriage and family.
-The return of the Death Tax.
-Higher tax rates on savers and investors.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare:
-The “Medicine Cabinet Tax”
-The “Special Needs Kids Tax”
-The HSA Withdrawal Tax Hike.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
-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.