I saw a recent post on taxprof blog (a website run by a Tax Law professor that reviews articles and developments in tax law) and came across this posting from the Heritage Foundation. I thought it would be a good one to share with the people of southwest Oklahoma on the new and increased taxes that will be in force January 1, 2013 if laws are not changed.
The main point of the article is that tax hikes of $494 Billion will go into effect next year. These tax hikes are comprised as follows:
Expiration of the Bush tax cuts (higher marginal rates for everyone) = $165,750,000,000
Payroll tax reduction (expiration of 2.0% deduction on earned wages = $124,636,000,000
Expiration of Alternative Minimum Tax (AMT) patch = $118,750,000,000
Tax cuts in the 2009 stimulus = $20,876,000,000
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Reduction in Section 179 (business asset purchase) expensing = $7,695,000,000
Creation of new taxes with Obamacare = $22,750,000,000
You can see the whole article here: http://www.heritage.org/research/reports/2012/04/taxmageddon-massive-tax-increase-coming-in-2013
These taxes all just reflect the increases that are already law (or set to expire). In addition to these, the “Buffett Rule” is currently before the Senate that will increase taxes on the rich an additional $22 Billion.
Now is the time to talk with your financial planner and to review your estate planning (wills and trusts) to ensure that you have the most protection allowable and are in a good situation for these tax increases.