Are you aware of these upcoming Tax Hikes?

Below is a listing of some of the tax changes that are scheduled to happen. 

The following tax hikes will occur January 1, 2013:

Personal income tax rates: 

10% now increases to 15%

25% now increases to 28%

28% now increases to 31%

33% now increases to 36%

35% now increases to 39.6%

Capital gain rates rise from 15% to 23.8%.  The top dividends tax will rise from 15% to 43.4% in 2013.

Death Tax:  currently 35% any estate over $5M, in 2013 rate hike to 55% any estate over $1M

PPACA:  There are twenty new or higher taxes, penalties that have been project to cost us over $31 BIL in the coming years.  This mean everyone!

Medicare payroll hike - wages exceeding $200K ($250K married) rate increase from 2.9% to 3.8% (under $200K will still have 2.9%)

Flexible Spending Accounts (FSA) - cafeteria plans – These pre-tax saving accounts allow you to pay for health care, child care, and other items with non-taxable income.  The amount is being capped at $2500 per year.  This will cost tax payers over $10 MIL in new income taxes each year.        

Medical schedule A tax deductions.  Now medical deductions are allowed for medical expense dollars that exceed 7.5% of your adjusted gross income, this is being raised to 10% cut off.

Alternative Minimum Tax (AMT) - this used is a BIG change.  AMT used to impact just a few high income taxpayers, now over 31 million taxpayers can be hit with AMT - this adds to the ordinary income tax rates

Business owners no longer will have bonus purchase incentives - they used to be able to deduct half of the costs of new purchases now that will disappear and go back to the regular depreciation deductions

Small business is getting killed by over-reaching government.  New taxes, new regulations, new fines, additional government enforcement at every level…… we need to wake up to the mess created in Washington DC.  Our leaders are screwing things up!