August 17, 2010
Exposing Tyranny: Three Shock Waves of Tax Hikes

Next year, there will be little place to take cover from three great waves of tax hikes (please see the complete report from Americans for Tax Reform):

Wave One: Expiration of the 2001 and 2003 Tax Relief
Increases in personal income tax rates. Higher taxes on marriage and family. Child tax credit cut in half. Standard deduction no longer doubled for married couples relative to the single level. Dependent care and adoption tax credits to be cut. Return of the Death Tax. Higher tax rates on retirees, savers and investors. 33 percent increase on capital gains tax on investment. Dividends tax to rise from 15 percent this year to 39.6 percent!

Wave Two: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011, including the “Medicine Cabinet Tax”, the “Special Needs Kids Tax”, and the HSA Withdrawal Tax Hike.

Wave Three: Alternative Minimum Tax and Employer Tax Hikes
More nasty surprises—including that the Alternative Minimum Tax (AMT) will now apply to over 28 million families, up from 4 million last year. Taxes will be raised on all types of businesses. Higher marginal tax rates with the loss of tax relief will cost jobs. Reduction in tax benefits for education and teaching. Charitable contributions from IRAs no longer allowed.

What are we left with? Less freedom and fewer choices . . . and an increasingly centralized and powerful administrative bureaucracy that will further choke our economy.

Plus, remember that time is money. When the government takes more money from us in taxes, it is really taking away more of our limited time here on earth. Is the money we spend in foreign aid, UN dues and fees, bridges to nowhere, studies of water pipe smoking in Lebanon worth 10 years, 1 year, 1 day or even a second out of our lives? Or would we rather have that time to spend with our children, grandchildren - or blissfully wrapped in our favorite recreation or relaxation activity?

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