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  • What Taxmageddon Really Means for Families

    Taxmageddon is approaching closer by the day. Much of the focus has been on the impact Taxmageddon will have on the economy. But just how will this massive tax hike impact America’s most fundamental unit of society?

    Families will see their taxes go up by more than $4,100—just in 2013—because of Taxmageddon. How will families pay for this huge tax hike, on top of all the other taxes they already pay, and still make ends meet?

    The chart below illustrates the size of Taxmageddon’s burden on families in comparison to what families spend on some of life’s basic necessities. This tax hike is nearly as big as a family’s annual grocery bill, the amount families pay to maintain a car, or the amount families spend on utilities each year. What will families have to cut in order to feed the gluttonous federal government?

    Taxmageddon will undoubtedly have a devastating impact on the U.S. economy—from destroying jobs and reducing economic growth to bringing on another recession. This is true even if Congress adopts President Obama’s plan to raise taxes on job creators by allowing the Bush-era tax policies to expire for incomes over $200,000 ($250,000 for married filers). Families will suffer directly from these impacts. As Heritage’s Curtis Dubay explained:

    There are almost 13 million Americans out of work today. President Obama’s tax increase would needlessly add almost three-quarters of a million people to that already much too large number. Even those with jobs wouldn’t escape the pain of President Obama’s tax increase, as they would see their wages suffer.

    Congress and the President’s political maneuvering is already slowing the economy today and putting families at even greater risk of economic harm. Lawmakers should delay no longer and stop all of Taxmageddon today.

    Posted in Featured [slideshow_deploy]

    28 Responses to What Taxmageddon Really Means for Families

    1. Chris A. Curtis says:

      But Romney and the Tea Party are worse for the people. Romney has gained great wealth by exploiting and ruining companies he forced into hostile take overs. He has pilferaged retirement funds and ruined thousand of lives. Yet he takes the credit for creating jobs at Staple's where a living wage is a joke.

      I am a Reagan Conservative, but the right and Tea Party scare the living life outta me and everyone I know who understands finance. The top 5% must pay their fair share of taxes. The top 1% do not pay any taxes whatsoever. Why else do you think Romney refuses to release his tax records.

      Romney has no idea what the average person deals with and with his income exceeding $50,000 per day he can care less about the American worker.

      Romney is no Ronald Reagan and if Reagan knew what Romney is doing and how he lies constantly, Reagan would roll over in his grave.

      • Lloyd Scallan says:

        You're no "Reagan conservative". Answer a few question honestly (if you know what that means). Who "scares" you more. Romney or Obama?
        What do you consider a "fair share" when 39% of all taxes are paid by the top 2%?
        What do consider a "living wage" and should the government give your number to everyone when you consider the minimum wage is designed for those entering the work force, not to live on.
        Who do you think can better understand what the "average person deals with"? Romney who lived and worked in the private sector. Or Obama, who never had a private sector job in his life?
        Romney will not release his tax records because he, as well as most of us who do "understand finance" and the Democrat Party know full well the Dems are not interested in his taxes. It's just another
        attack tool. By the way, why don't Obama release the many records he's hiding?

        • Pragmatic says:

          1) Romney scares me more than Obama (but that isn't saying much)
          2) the top 2% pay 15% of income taxes, it's different when you account for payroll taxes, etc
          3) good question, nobody has the answer. Although Canada did try and experiment where they set the "living wage" and had positive results (http://en.wikipedia.org/wiki/Mincome)
          4) Neither understands the average person. But spending you're time in the the private sector, going to ivy league schools, and being the son of a millionaire CEO don't qualify you as an average person or understanding the average person
          5) I don't understand the uproar about this, but if he did release his returns you can bet that carried interest will be removed from the US tax code

        • Right on Lloyd – couln't have said it better myself. Q: Why did obama spend tons of money to seal all his past records like his college transcripts etc…..oh, that was so he can be transparent. WRONG, it was because if the general population knew what his "real agenda" is they would impeach him and throw him in jail – check out some of his speeches on video from 2006-2007.

      • Disgusted says:

        So what's your recommendation, four more years of Obama?

        • BDD_1970 says:

          Exactly. Romney might be a corporate raider but the current president is a control economy cheerleader. Nothing Romney did as far as I know was illegal in his business but I do know that embezzling tax payer money, covering up murder, and preaching a communist economic vision is about the worst you could find in any person.

      • Bobbie says:

        Romney has a background he doesn't hide and his tax return was only brought up for doubt by people who have nothing honest to say about themselves. His tax returns are none of America's business!

        People falsely claim inaccuracies regarding the tea party who shows absolutely no violent tendencies who are fighting to protect the inalienable rights of all people living, unconstitutional government is legislating as if we're a country of infants and a country far removed from America. America isn't moving forward. America is dropping down!

        How do you believe in a man that hides his life's experiences whose words are constantly misleading with "sacrifices" behind them over one you'll take a distorted opinion instead of finding out for yourself, "lies constantly" with nothing to back it? What does he lie about? What's none of your business?

        Why wouldn't you have faith in a man that made his life without infringing on anyone else and wants that same dignity brought back to America? A man who's success exemplifies where ANY AMERICAN can reach their lives potential? We'd rather live a life in our control to deal with the situations set in our life not set beyond our reach and within the controls of government to take our personal control away. Why do you want socialism? Taxmaggeddon is going to leave us with less to govern our own and force us on government dependency. The more people accountable to govern their own independence, the more humbling government discipline, and more independent America is suppose to be governed! Tool!

      • Bob says:

        But Romney and the Tea Party are worse for the people – welll at least those who are dependent on the Government for their handouts.

        Other than that, this submission is merely more of the Party Line do-do being spread by the left and accepted by the mindless sheeple.

        No REAL Reagan supporter would even think of the above!

        • Bobbie says:

          well, I agree with you to that point. People have to know they are better than depending on government. Mr. Romney and the tea party inspires personal strength! The Declaration of Independence needs reeducating the promotion that personal human qualities self govern. Everyone should've understood this throughout school or before immigrating to America!

          Obama lessened all requirements to make the temptation to jump on his government dependency wagon that much more accessible taking from the independence of other people until eventually there is no independence. Although it was never the role of the president, Obama went out of his way to weaken the mindsets without encouraging the opposite. He pampers people with no expectations from them and wonders why it's useful to nationally address the low self esteem of people in society!?

          Mr. Obama doesn't have the acumen to govern us equal or accept us as equal in humanity with the respect that we are all free individuals with potentials and ambitions of our own. We need leaders that can build people up, not hold us down with absolutely no recognition to give credit where credit is due!

      • THE MICHAEL J SHOW says:

        I am in no position to challenge whether or not you are a Regan Republican or not, I do know that you ARE VIOLATING President Regan's number one commandment, NEVER to speak ill of another Republican. The President Reagan I voted for support tax cuts foe ALL wage groups. He did not endorse this form of class warfare that seems to be so trendy amongst the on informed. because of President Reagan's economic and tax policies this country maintained economic stability well into the tax and spend era of bill clinton. I'm not sure where you get your information on who ACTUALLY pays the most in taxes, but i have to tell you you are wrong in your assessment. the top 1 % pay 36% of their income in taxes. The top 5% pay 58% the top 10%,pay70% (Percentage of Federal Personal Income Tax Paid) this is according to the National Taxpayers Unio nhttp://ntu.org/tax-basics/who-pays-income-taxes.html. President Reagan like the Tea Party believed in smaller government and less burden on the citizen. Less government not less CONTROL and less passing the blame to some other group. . As for what Romney knows or doesn't know about the "average person" who are you to say? I only know that the president Reagan I voted for never spoke poorly of anyone like this not even in a primary race. Fiinally I know my President is not rolling over anywhere, he has moved on to a much better place.

      • Peggy says:

        You certainly haven't been watching much news, Obama spews lies every time he opens his mouth, I think if Obummer gets elected again you will see then the mess HE HAS our country in…UNBELIEVABLE HOW SOME PEOPLE THINK WITH THE WAY THIS COUNTRY IS GOING….GOD HELP US ALL

      • No he isn’t he created more jobs than were lost and Bain didn’t out source until after he left the company. He is a savvy businessman and a good family man and he loves America. Obama doesn’t like America or our traditional allies, and he is in bed with the Muslim Brotherhood, who, along with Iran wants to wipe us out. He was raised a Muslim, by Communist grandparents and Communist parents, and his friends were all radicals, like Bill Ayres and Frank Marshall. He was in business deals Tony Resko, a convicted criminal. Both he and Michelle had their attorney licenses revoked, a tad before they started criminal proceedings against Michelle. He lied on his Illinois bar application, saying that he had never had another name, when growing up he used the name Barry Soetoro. He traveled to Pakistan, when traveling there was restricted for Americans. He got government aid when he attended Columbia as a foreign student from Indonesia.(hard to do if you are a US citizen). He went to Harvard and became the only person to run the Harvard Law Review and have absolutely no published papers. His tuition was paid for by a wealthy Saudi. He wrote an autobiography, of which at least 50% is a pure fiction. He has given millions of our taxpayer dollars to the Palestinians and the Muslim Brotherhood. In the book he states something like “if things turn bad I will stand with the Muslims. He has questioned the Supreme Court, treated Netanyahu and Israel very disrespectfully and bowed deeply to the Crown Prince. He has publicly stated that we are not a Christian country, which we are still predominately. He is a typical socialist, he sees no value in the entrepreneurs and small business people, hence his ridiculous comment that they didn’t do it alone..he thinks exactly like a socialist..which is a failed ideology, all over the world. He doesn’t have a clue how regular ordinary Americans think and behave, because he grew up under foreign anti-American influences. He is not a patriot. He needs to be voted out because we are losing our identity and we’ll wind up another bankrupt socialist state like most of Europe. Be patriotic and vote him out and pray that Romney picks some smart people for his administration. Also we need to vote out the Dems and the rinos in Congress, that would include ,Pelosi, Reid , and Wasserman-Schultz If we can get rid aof all the liberal shills we may be able to save the country.

      • Oh Please says:

        Judging by your post, you are no Reagan Conservative. You're a Clinton Monderate. The top twenty percent pay over 80% of all taxes.

      • Keith says:

        Romney is not a corporate raider and did not do hostile takeovers. You cannot name even one hostile takeover by Bain Capital. His company Bain Capital purchased mostly companies that were in trouble and likely would have gone out of business if they had not been purchased. They saved many more jobs than were lost.
        Did you know that Romney earned his money as he gave his inheritance to charity.
        Anyone that says the rich are not paying their fair share is an idiot. Look at the numbers and you will see they are currently paying way more than their fair share at this point.
        We need a President that understands the economy and is not a Socialist interested in taking money from the ones generating the wealth and giving it to the free loaders.

      • Worse for the people??? Romney saved some companies, some were not saveable – so it is with capitalism. FYI – the top 10% of wage earners pay over 47% of the taxes and you want more??? you call yourself a Reagan conservative??? The top 1% pay corporate tax AND individual income tax, usually to the tune of about 30-40%+, and you want more…..you sound like obama. As a person who "understands finances" you should know it's NOT broke people who create jobs and hire people, those people pay less than 2% of the taxes if any at all. (see figures from IRS)
        May I point out that you too can make $50,000 a day IF you want to, hard work and risk will get you there like it has for so many "job creators" and entrepreneurs in the last 200+ years.
        By the way – lies are what obama exceeds in – check out his campign ads — lies, all lies – it's discusting a man like that can control the greatest country in the world, I'm embarrased and ashamed of the position of president – that will change real soon!! obama's track record is beyond dismal – admit it!!

    2. Paul Herbig says:

      Come On Guys, Obama and the Feds need our money. How can the government support itself otherwise. Remember it is the Government's first and we get to keep only what they generously decide to let us have. Besides, Don't the Elites in Government know what is best for the rest of us? How can we question their intellect and knowledge of what we need and should have? They only have our best interest in mind and heart. Give them a break. It is up to us to cut back so the government won't have to.

    3. Lloyd Scallan says:

      Yet, DEMOCRATS, such as Patty Murray, are using intimidation and thug tactics, threating America with
      Taxmageddon unless they get their way and raise taxes on the so called rich. But don't be fooled, it's not the rich that will pay, it will be everyone. Just look at the latest tax scheme by Dodd (another Democrat) to
      force online shoppers to pay sale taxes. Is that a tax just on the rich? We all had better wake up and understand what the DNC, led by Obama, is attempting to do to all of us.

      • Bob says:

        Ms. Murray was a public employee who thought she was too good to be laid off from her skilless job and she became very vocal after she was canned.

        I have personally talked with immediate family members of hers who are embarrased at the corruption she practices!

        She is NOTHING more than a mouthpiece for those pullign the strings (I suspect SOROS).

        • pcj says:

          "Porkbarrell Patty" is another of those politicians who gave us a song and dance about going to DC and cleaning things up. She campaigned as a "mom in tennis shoes" do-gooder and fooled enough people to get her to DC. The first year there she was rated either 1st or 2nd most stupid person in congress. Only the liberal nuts around Seattle keep her in office, rural and small town Washington would have voted her out long ago!

      • Blair Franconia, NH says:

        "Democrats" like Patty Murray are using Chicago-style politics.

    4. Jill says:

      Higher taxes on the so-called rich will trickle down to all of us.

      Very few of the so-called rich, particularly small business owners, can or will absorb the cost of higher taxes. They will raise prices on their goods and services so that they themselves can stay in business. And so, while Obama may not raise taxes on people making less than $250,000, the middle class will indeed pay for the tax hikes indirectly.

      • THE MICHAEL J SHOW says:

        Absolutely, he will then blame the evil free enterprise system for raising prices and sign another executive order (on average 5 per day) that will control "the spiraling price hikes " and that will pretty much be the final nail in our coffin.

    5. Norman Linnell says:

      1) Freeze all foreign aid until we are no longer a debtor nation .
      2) Close all foreign military bases not essential for the defense of the American homeland .
      3) Freeze all government domestic spending on activities that are not essential for the survival and orderly functioning of society .

    6. Pragmatic says:

      This article misplaces the blame on Obama and not Congress (although both are deserving of criticism). I think it is important that people remember that a large part of this is because Congress failed to reach an agreement during the debt-ceiling and failed during the Super Committee thus imposing this on everyone

      We should give them a free pass, but if you keep electing those same republicans it's just going to be more of the same (and that goes for voting for the same democrats too). If both parties keep voting for their side despite the obvious failures of both then we can forget about solving any problems.

      • Congress pushes back on obama because he continues to write checks at break-neck speeds – just think if Pelosi and Reid where still in charge – we would have gone over the fiscal cliff already. Congress refuses to raise the debt ceiling unless there are CUTS in spending, otherwise you're right we would see "more of the same" – thanks to Congress (who refuses to budge) we have some sort of check and balance. Make no mistake, solving any fiscal problems WILL NOT happen so long as obama is writing the checks.

    7. talgus says:

      it is the professional politicians that deserve the blame. They have excelled at kicking problems froward. Toss all the repeaters or the country dies. Budget balance is easy, just cut the spending to meet income. This is something the professional politician will never do, they would rather string all the takers along.

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