On Dec. 31, the George W. Bush-era tax cuts are scheduled to expire, raising rates on investment income, estates and gifts, and earnings at all levels. … The Social Security payroll tax will pop back up to 6.2 percent from 4.2 percent… And new Medicare taxes enacted as part of President Obama’s health-care initiative will for the first time strike high-income households.
The potential shock to the nation’s pocketbook is so enormous, congressional aides have dubbed it “Taxmageddon.”
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