posted September 19, 2012 02:05 PM
This is an apolitical issue and it will need to be addressed by Congress by the end of this year, regardless of which party wins the Presidential election.Taxes will be going up, regardless of your income status. Don't even begin to think it's only for the "wealthy" because it's not just about Alternative Minimum Taxes. It affects all middle class tax brackets beginning with families with income below $50,000.
On average, an American family will be paying $4,000 more in taxes. Remove the ultra rich, and that figure would still be about $3,500 because there aren't very many ultra rich. I'm expecting my tax bill to go up by $10,000 to $15,000.
Start saving money and put enough away, even if your withholding will automatically adjust. Don't be stuck in April 2013 without enough funds to meet your IRS bill. If you are used to having enough tax refund to fund a vacation or other expenses, don't count on it anymore.
Whether Obama or Romney will be in office wouldn't make a difference, so don't start with "Romney will repeal this sucker."
I didn't post a link to Fox Business News or Bloomberg or any other conservative link. I chose US News & Report, which has a distinctly Democrat bias. If you want, I'll search for one from MSNBC or CNN. So, pay attention to this.
http://money.usnews.com/money/blogs/alpha-consumer/2012/08/06/taxmageddon-what- you-need-to-know