If you want to know how the upcoming tax increases will impact you let us know and we can do some projections for you.
In their analysis, they write "Brace yourself. In (less than 270) days, you and your fellow Americans will be hit with a tax hike the likes of which this country has never seen," if Congress does nothing by year's end. "The Washington Post aptly called the unprecedented $494 billion tax hike 'Taxmageddon.'" According to the analysis, "almost 34% of the tax increase" is from the expiration of the 2001 and 2003 Bush tax cuts, while "another 25% of Taxmageddon comes from the expiration of the once-temporary payroll tax cut." The expiration of the patch on the Alternative Minimum Tax accounts for 24% of the total potential 2013 tax increase. The rest of the tax increase "comes in part from new taxes under Obamacare, the expiration of tax cuts in the 2009 stimulus, the expiration of a group of policies known as 'tax extenders,' changes in the current policy on the death tax (in 2013, it will rise from 35% today to 55% and the exemption will fall from $5 million to $3.5 million), and the expiration of businesses' ability to fully expense new capital investments."