Barring any legislation to the contrary, the largest tax increase in American history coming in January!
If you thought that the only people in danger of tax increases planned by Congress were rich – think again!
Buckle your seat belts and hold on for the plunge the economy will take when government grabs a lot more money from the poor, the middle class, businesses… and yes… the investor class.
As Ryan Ellis of Americans for Tax Reform painstakingly details below, every part of the American family is about to get socked with big – really big – tax increases. Not only will every rate go up but every employee with company provided health care will discover next year that the value of those benefits will be added to annual income totals by the IRS!
That’s right. You get to pay income taxes on the value of your health care benefits on top of higher rates, reinstitution of the marriage penalty and a loss of deductions for a range of costs including tuition costs, student loans interest payments and health savings accounts!
You don’t need an advanced degree in economics to predict what will happen to our already struggling economy when so much more money is taken from the American economy—and our pockets—to pay for federal government spending (including shiny new luxury jets for Congressional junkets!).
Hopes for new employment from small businesses will also be dashed when new rules require far higher costs from businesses to comply with absurdly increased new paperwork requirements, when investments are taxed at a dramatically higher rate and when most small businesses see their tax rates skyrocket.
The FairTax remains the best researched and most popular alternative to the destructive income tax and headlong rush toward a national economic cliff. Far short of the citizen support to force such a change on Washington, however, our campaign must reach out to every neighbor, friend, colleague and stranger with a positive message of hope, economic improvement, full employment and fiscal restraint.
The FairTax is good for all – not just investors, one party or another. Take the FairTax message now and share it with your most vexing political opponents, with candidates and with friends because without this sea change we’re about to suffer a tax tsunami.
Continue reading The Taxman Cometh, In January