Just in case everyone forgot, there are only 100 more days before taxmageddon. Today’s posting by Americans for Tax Reform goes into gory detail about the particulars. These are the highlights for what awaits in 2013:
- Personal income tax rates will rise on January 1, 2013.
- The marriage penalty returns.
- The expansion of the estate tax.
- The capital gains tax will rise from 15 to 23.8 percent.
- The top dividends tax will rise from 15 percent this year to 43.4 percent.
- There are twenty new or higher taxes in Obamacare. Some have already gone into effect (the tanning tax, the medicine cabinet tax, the HSA withdrawal tax, W-2 health insurance reporting, and the “economic substance doctrine”). Several more will go into effect on January 1, 2013
- Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.
For more details, check out the links included above . Just don’t read too close before bedtime.