Congratulations on surviving tax season.
Until April 17th, for an average American, every penny earned goes to taxes—federal, state and local. The total tax burden costs more than the total amount we spend on housing, food and clothing combined.
Working for government until mid-April is bad enough, but next year could be worse. According to laws already on the books, taxes go up for most of us in 2013, and you’ll be working until the end of April purely to pay taxes.
It could be a disaster of Biblical proportions, which is why the 2013 tax hikes are being called Taxmageddon. It’s because the tax cuts passed in 2011 were temporary, and because Obamacare’s permanent new tax hikes kick-in come January.
Getting through this year’s tax season was bad enough, but unless Congress and the President act, next year’s will be worse.
From The Heritage Foundation, I’m Ernest Istook.