How does it feel to finally have a month of work under your belt where the product of your labors actually goes into your own pocket instead of Uncle Sam’s?
April 17, 2012 marked Tax Freedom Day, the day when you have finally worked enough just to pay your taxes. Today, being May 17, 2012, means that you have finally worked enough this year to put one month of your wages towards yourself, your family, or however else you might like to spend your money. The first 107 days of 2012 were spent working for the government.
Tax Day in 2013, will be on Monday, April 15, but there is another tax day that should be relevant to everyone in 2013 – January 1.
According to the good folks at the Heritage Foundation, on January 1, 2013:
· Income Tax Rates will shoot up (for virtually everyone including the working poor),
· The child credit is cut in half,
· The marriage penalty roars back,
· The capital gains tax rate goes up,
· The dividend tax rate soars,
· The payroll tax rate jumps two percentage points,
· The death tax is restored to its punitive past,
· The Alternative Minimum Tax relief expires, and
· A uniquely pernicious additional payroll tax hike from Obamacare takes effect.
That is, if the President doesn’t do something about it. Most of these tax increases are predicated on allowing certain tax cuts to expire.
Those expiring tax cuts? Why’ it’s those terrible Bush Tax Cuts.
So, who do you believe has a better chance of at least keeping your taxes where they are today (or ideally lowering your taxes further )?
Or this guy?