Largest Tax Hikes in History Now 120 Days Away

From: Liberty Central

Largest Tax Hikes in History Now 120 Days Away
http://www.libertycentral.org/largest-tax-hikes-in-history-now-120-days-away-2010-09



The largest tax hikes in the history of America will take place in 120 days, as the Bush tax cuts are set to expire on January 1, 2011.

Americans for Tax Reform has recently published a paper detailing the effect of the tax hikes on families and small businesses. The tax hikes are multitudinous and will hit American taxpayers and businesses in three main waves.

The first wave brings the expiration of the 2001 and 2003 tax cuts. Personal income tax rates will rise with the top income tax rate rising from 35 to 39.6 percent; the lowest rate will rise from 10 to 15 percent. Of course, two thirds of small businesses are taxed at the top income tax rate. This means small businesses will have fewer profits to create jobs. Unemployment is already at 9.6 percent; that number will surely raise. . . . .