From the Tax Guy at SmartMoney. Obama’s tax plans for you are so fabulous they actually suggest you have a drink before proceeding. Here I’ll give you the headlines so please do go and read the whole thing for all the freakish details.
How the Expiring Bush Tax Cuts Affect You
The so-called Bush tax cuts are scheduled to expire at the end of the year. Although some of the cuts retain bipartisan support in Congress and may yet be extended, as of now, Washington has some severe changes in store for you and your family. Grab a scotch and sit down.
Higher tax rates for all
You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone — not just a sliver of the wealthiest Americans…
Higher capital gains and dividends taxes for all
Return of the marriage penalty
Return of phase-out rule for itemized deductions
Return of phase-out rule for personal exemptions
The bottom line
The Bush tax cuts don’t just offer tax relief to the wealthiest Americans. They offer it to just about anyone who pays federal income taxes. Their scheduled demise next year will raise the tax bill of nearly every taxpayer, unless Congress makes changes and the president jumps on board.