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  • Taxmageddon Will Decimate the Finances of Low-Income Americans

    “Taxmageddon,” also called a “massive fiscal cliff” by Federal Reserve chairman Ben Bernanke, refers to the assortment of expiring tax relief combined with new Obamacare tax hikes and the payroll tax restarting on January 1, 2013. Taxmageddon will be especially hard on areas of the country that can least afford it.

    Unless Congress and the President stop Taxmageddon, no matter what income tax bracket you fall in, your marginal tax rate will be higher in 2013. The patch for the Alternative Minimum Tax is set to expire, hitting the middle class. The marriage penalty will return, harming married couples. Reductions in the Child Tax Credit and the Adoption Credit and the elimination of the tax-free Coverdell Education Accounts will also occur in 2013.

    The Heritage Foundation’s Center for Data Analysis has run the numbers on just how Taxmageddon will affect each state and congressional district. No one is exempt. The poorest 25 congressional districts will surely notice their average per tax return taxes going up $1,688 in 2013. Here is a list of the 25 poorest congressional districts by average adjusted gross income per tax return and the accompanying extra tax bill for that return in 2013 under Taxmageddon:

    Congressional District Representative in 2010 Party Affiliation Average Increase per Tax Return
    NY-16 Serrano, José E. D $1,236
    TX-29 Green, Gene D $1,411
    CA-20 Costa, Jim D $1,344
    MO-08 Emerson, Jo Ann R $1,677
    MS-02 Thompson, Bennie G. D $1,709
    FL-17 Wilson, Frederica S. D $1,897
    AL-07 Sewell, Terri A. D $1,653
    PA-01 Brady, Robert A. D $1,647
    KY-05 Rogers, Harold R $1,535
    CA-31 Becerra, Xavier D $1,430
    TX-16 Reyes, Silvestre D $1,860
    TX-15 Hinojosa, Rubén D $1,730
    NY-07 Crowley, Joseph D $1,884
    MI-14 Conyers, John, Jr. D $1,536
    AR-01 Crawford, Eric A. “Rick” D $1,793
    CA-35 Waters, Maxine D $1,671
    OK-02 Boren, Dan D $1,846
    GA-02 Bishop, Sanford D., Jr. D $1,660
    CA-43 Baca, Joe D $1,798
    TX-28 Cuellar, Henry D $1,989
    NM-02 Pearce, Stevan R $1,803
    SC-06 Clyburn, James E. D $1,944
    CA-47 Sanchez, Loretta D $1,589
    TX-20 Gonzalez, Charles A. D $1,984
    CA-34 Roybal-Allard, Lucille D $1,586

    Taxmageddon is already hurting all Americans, and more damage will occur the longer Washington waits to fix it.

    America needs a predictable, rules-based fiscal policy as advocated by economist John Taylor. Instead, under current policy, American families from of all walks of life are threatened with being thrown over the fiscal cliff due to the nightmare that is Taxmageddon.

     

    Posted in Obamacare [slideshow_deploy]

    2 Responses to Taxmageddon Will Decimate the Finances of Low-Income Americans

    1. Bridget Willard says:

      I want to pin these articles but the image on the front page does not appear in the permalink.

    2. Bobbie says:

      Conniver. There's no purpose for taxmageddon but the conflict of interest, government growth. Man-made global government. And this little stunt will surely put us on government dependency which is NEVER WHERE WE WANT TO BE AND NOT A PART OF OUR AMERICAN DREAM WHATSOEVER! Our taxes are unfair and undeserving. We get emergency personnel with our tax dollars over $11000.00 excluding purchase tax and dmv tax. Our yearly income is less than Sara Jessica Parker's dinner cost with Barack Obama.

      Perplexing to have a man as American president so ungrateful to the people he serves, state surely what's going to happen (not to mention by design,) if republican's don't give into his punishing, unconstitutional controls as if ultimatums with obvious alternative motives, while he ignores his personal insurance of wrongful financial sacrifice on innocent livelihoods, concerned tomorrows' costly, footloose, no reason for government will just feel like taking away our independence. Doesn't sit well with the good people I know!

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