The fiasco known as "Taxmageddon" broke news early this morning and has a lot of tax payers and Washington office holders shaking their heads. By the end of 2012 American taxpayers could be staring down a long barrel, the cost? $500 billion.
According to reports, "At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 -- if Congress doesn't act. The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent."
What does all of this mean? Well it could mean that for millions of Americans who have children their child tax credit will be lowered from $1,000 to $500, nearly half of what they would normally get. Economists stress that "Taxmageddon" will affect everyone and that there is no escaping the consequences if congress does not act. Until decisions are made there is no way for businesses to know exactly what their tax rates are going to be which will impact the job market and how businesses plan ahead for difficult times.
For this and other news please go to www.foxnews.com, www.cnn.com or www.msnbc.com.
To read more about "Taxmageddon" go to the following link: http://www.foxnews.com/politics/2012/04/17/taxmageddon-coming-answer-could-cost-americans-500-billion/?test=latestnews#ixzz1sPf2NyuH
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