How Will Taxmageddon Impact You?

Question

On January 1, 2013, a $494 billion wave of tax hikes will take effect, hitting every American household, regardless of income. Here’s how much taxes will rise for five different demographic groups:

FAMILIES
 $4,138 TAX INCREASE
 5.9% of average income
 Total filers: 15 million
 Average income: $70,662

BABY BOOMERS
 $4,223 TAX INCREASE
 4% of average income
 Total filers: 33.1 million
 Average income: $95,099

LOW-INCOME WORKERS
 $1,207 TAX INCREASE
 4.7% of average income
 Total filers: 53.8 million
 Average income: $24,757

MILLENNIALS
 $1,099 TAX INCREASE
 4.6% of average income
 Total filers: 7.6 million
 Average income: $23,917

RETIREES
 $857 TAX INCREASE
 2% of average income
 Total filers: 33.1 million
 Average income: $42,553


Notes: Income figures are Adjusted Gross Income (AGI). Number of filers and AGI are estimates for 2013.

Get the full details on Taxmageddon at http://www.heritage.org/ObamaTaxHikes

Starsfan14 · Accepted Answer

Yes and according to your chart my group with have the largest increase.

How fun.  Now I guess I know where that money that I will be saving when we  refiance of the house will going.

Romney for President or else my family and I are royally screwed.

Tired of it all · Answer

There will be a huge spike in unemployment due to less money circulation.  Retail will take the hardest hits and more people will slip into poverty of course.  All for $40 to $50 billion more a year, if they don't run and file for citizenship somewhere else.  Wow, that 3% of the yearly budget is really going to close the spending vs income gap.  Thank you, democrats and people with lack luster math skills and no concept of human nature (Facebook co founder filing citizenship to Singapore). 
Why aren't we working on closing the trade deficit instead? 
http://blogs.wsj.com/wealth/2011/08/15/would-taxing-the-super-rich-raise-much-revenue/
Basically, the politicians of both parties are playing chicken with the livelihoods of 95% of the population, nothing new there.

robzuc97 · Answer

All this on top of Defense budget and entitlement cuts... without even counting approximately 20 new taxes levied as Obamacare takes effect "conveniently" after this election.   I must have missed the reason why Obama is actually even close to being re-elected.   God help... SAVE US!

Anonymous · Answer

It wont.

I am a 100% service connected disabled veteran on Social security

Bryan · Answer

The most noticeable area for me will be in the reinstatement of the marriage penalty.

John · Answer

So, after all that what will your tax be on April 15th?  I would be worried about that.

Anonymous · Answer

But the question remains: Will it be worse than Dumbquestionmaggedon?

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How Will Taxmageddon Impact You?

7 Answers