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11
Apr
Apr
Taxes the Democrats Want to Raise
Americans for Tax Reform is reporting on tax increase to be voted on next week.
ATR has learned that House Republicans next week will be forcing a vote on the Democrats’ planned tax hikes in 2011. At the stroke of midnight on January 1, 2011, the Democrats have the following tax increases planned:
- The top rate will climb from 35% to 39.6%
- The capital gains rate will rise from 15% to 20%
- The dividends rate will soar from 15% to 39.6%
- The child tax credit will be cut in half, from $1000 to $500 per child
- The death tax will go from dead to 55%, overnight
- The marriage penalty will return for even the poorest taxpayers
- The lowest tax bracket will spike by 50%, from 10% to 15%
Just to let you know what you could be facing in the very near future. Go ahead and calculate your taxes again with those amounts. Fun stuff isn’t it?
