How Will Taxmageddon Impact You? The Foundry - Heritage Foundation

How Will Taxmageddon Impact You?

Excerpt:

A horrifying combination of expiring pro-growth tax policies from 2001 and 2003, the end of the once-temporary payroll tax cut, and just a few of Obamacare’s 18 new tax hikes, Taxmageddon will be the largest tax increase EVER to hit Americans. It’s nearly $500 billion in one year, starting January 1. That’s two months away.

The number $500 billion is rather large and abstract, so The Heritage Foundation has broken down the expected tax increases per person just for 2013:

• Families with an average income of $70,662: tax increase of $4,138
• Baby boomers with an average income of $95,099: tax increase of $4,223
• Low-income workers with an average income of $24,757: tax increase of $1,207
• Millennials with an average income of $23,917: tax increase of $1,099
• Retirees with an average income of $42,553: tax increase of $857