A Taxing Election

Here is why I continue to believe that Mitt Romney or Newt Gingrich can beat President Obama. By 2013, if Obama wins, the majority of Americans will be hit with a tax increase this country has never seen: an unprecedented $494 billion tax hike. When the majority of voters learn this, Obama and Congressional and Senate representatives in favor of it, Republicans and Democrats both, will be toast.

Thirty-four percent of the tax increase comes from the expiration of the 2001 and 2003 Bush tax cuts. These cuts are best known for reducing marginal income tax rates, but they also reduced the marriage penalty, increased the Child Tax Credit and the adoption credit, and increased tax breaks for education costs and dependent care costs. Another 25 percent comes from the expiration of the once-temporary payroll tax cut.

The expiration of the patch on the Alternative Minimum Tax (AMT) accounts for 24 percent of the total potential 2013 tax increase. The balance of the tax hikes comes from new taxes under Obamacare. It is an explosion of tax increases that would destroy disposable income. It is planned to hit after the election.

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