'Taxmageddon' Could Arrive On Tax Day 2013

For most of us, April 17 means the day income and state taxes are due. 

Most dread tax day except those who don't generate enough income to owe the government. Even so, a tax return must be filed and does take a certain amount of consideration and planning to accomplish.

Tuesday is sure to see long lines at some post offices as procrastination has resulted in last minute rushes to file on time. 

Perhaps your 2011 income taxes were in line with what you expected. Come Jan. 1, 2013, however, you might be in for a big surprise when a massive tax increase kicks in what the Washington Post called "Taxmageddon."  

Full details of all seven tax hikes can be found at the following link:   http://thf_media.s3.amazonaws.com/2012/pdf/ib3558.pdf

1.  Expiration of the 2001 and 2003 Bush tax cuts.  

2.  Expiration of once-temporary payroll tax cut will expire.

3.  Expiration of the patch on the Alternative MInimun Tax (AMT).

4.  Expiration of the tax cuts contained in the 2009 stimulus.

5.  Expiration of the "tax extenders," a group of about 50 tax policies that are renewed regularly for a year or two.

6.  Death tax rate will rise from 35% today to 55% and the exemption will fall from $5 million to $3.5 million. 

7.  Full expensing of new business capital investment.

As for Obamacare, the most damaging tax increase in the law is the start of the Hospital Insurance 3.8 percent surtax on wages and salaries over $350,000 and investment income over that amount. 

It is imperative that President Obama and Congress act promply to stop the above enumerated tax increases from kicking in on Jan. 1, 2013. 

As reasonable as it may seem to ask why the hurry to deal with tax increases that are eight months away, Curtis S. Dubay of the Heritage Foundation presents the following reason:

"Families businesses, and investors need to know how much tax they will pay in the future before making important economic decisions. The uncertainty caused by Taxmageddon means they are stuck in neutral while they wait for President Obama and Congress to act. This is slowing job creation and stopping many of the millions of unemployed Americans from going back to work."    

As taxes do affect all of us in one way or another, I will be traveling with friends to Chicago Monday morning -- the day before tax day -- to be a part of the 2012 Chicago Tax DayTea Party sponsored by Americans for Prosperity (AFP), a nationwide organization of citizen-leaders commited to advancing every individual's right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans.

Having participated in the 2010 Chicago Tax Day Tea Party rally with thousands of others like-minded individuals, no urging was needed for me to attend today's event when the following invitation arrived by e-mail:

Join us at the 2012 Chicago Tax Day Tea Party on Monday,

April 16 at noon in Daley Plaza to tell our federal and state officials we want them to: “Reform Government, Cut Spending and Preserve Liberty.”  

Here is a list of the confirmed speakers:

• Congressman Joe Walsh, IL-9th District
• Joel Pollak, Editor-in-chief and in-house counsel for Breitbart.com
• Dana Loesh, CNN contributor, Radio Host, Breitbart Editor
• Wisconsin Lt. Governor, Rebecca Kleefish
• Denise Cattoni, IL State Tea Party Coordinator 
• David From, Americans for Prosperity Illinois
• Dan Proft, WLS-AM 890
• Adam Andrzejewski, Founder, For the Good of Illinois
• C. Steven Tucker, TruthaboutObamacare.com
• Dr. Mark Neerhoff, OB/GYN
• Dr. Kurt Erickson, Cardiologist

For more information, visit TeaPartyChicago.org