Are You Ready for Tax Armageddon? Armageddon shows up once in the Bible and pertains to the final conclusive battle between your causes of good and bad. The word, Armageddon, has also turned into a general term that denotes any disastrous “end of the world” event. With all the looming tax rules changes, the favorite press has coined a fresh expression, “Tax Armageddon” or “Taxmageddon” for brief. On December 21 Assuming that the world survives the end of the Mayan calendar, 2012, on January 1 then we face the largest taxes increase in background, 2013!
500 billion for 2013 only. To pile on, the federal government personal debt roof will be reached around this same time likely. 1 trillion in spending cuts over a decade, January 1 beginning, 2013, divided in half between public and armed service spending. This nation truly has severe budgetary problems, and failure to solve these problems is the real Armageddon that must definitely be avoided.
Just what fees are increasing and what is it possible to do about them? This post outlines the major types of tax increases. Future articles will explore the boosts in more format and details available planning opportunities. We expect that Congress might act to prevent some of these increases, but what can we count on from Congress really?
33,750 in 2012. This drop will increase fees on 30 million taxpayers unless the exemption is once again “patched” with a new temporary increase. 6. New Medicare fees are enforced on settlement …
