If you thought paying your taxes was painful this year, get ready for more heartache next year, when taxpayers could be on the hook for almost $500 billion in higher taxes... That's the size of "Taxmageddon."
Taxmageddon is the tax hike set to slam the economy and taxpayers on Jan. 1, 2013. It's made up of seven different categories of tax cuts set to expire, and six tax hikes from the health-care law set to kick in, as soon as the ball drops on New Year's Eve.
Fortunately, you and I are exempt from the Obama tax hikes thanks to his 2008 campaign promise!
A couple of years ago, Americans for Tax Reform offered to ship taxpayers their own, valuable tax hike exemption card for a nominal contribution. Here's the way it worked:
If you make under $250,000 a year and find yourself confronted with any of the taxes highlighted on the Heritage Foundation website or the ATR site ("Tax on Indoor Tanning Services," "Medicine Cabinet Tax," "Special Needs Kids Tax," etc.) simply follow these instructions:
How to use the card:
Step 1: Present the card to merchants, employers, and tax authorities like the IRS.
Step 2: If challenged, pleasantly ask: "How dare you, sir? Are you calling President Obama a liar?"
“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”
--Candidate Barack Obama, Sept. 12, 2008
“If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.”
--President Barack Obama, Feb. 24, 2009
“The statement didn’t come with caveats.”
--Obama spokesman Robert Gibbs, April 15, 2009, when asked if the pledge applies to healthcare
Which should be extremely helpful when the Bush tax cuts expire*.
Hat tip: Amalaur.
* Thanks in part to the ludicrous John McCain -- of McCain-Feingold, Amnesty for Illegals, the Gang of 14, and numerous other affronts to the Constitution.