That is what O and Congress have said by not renewing the Bush administration's tax cuts.
Some of the highlights:
Personal income tax rates will rise.
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
Remember Democrat presidents and administrations are always for higher taxes followed by poor budget responsibility.
Republican presidents and administrations are always for lower taxes followed by poor budget responsibility.
Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0sWUZ9RDj