Taxmageddon: Say Goodbye to Half Your Paycheck
A new chart from The Heritage Foundation details the marginal tax rates that middle-class families will face starting next year if nothing is done about the fiscal cliff known as “taxmageddon.”
Adding up all the looming tax increases shows that the average middle-class family will be at risk of losing nearly half their paycheck (or a little more) to the government. Can you afford to live off of just half of what you make now? See the chart, below:
Now, obviously, the chances of someone actually paying that much are slim due to tax breaks, credits and deductions. Americans will be forced to pay far more to skilled accountants in order to get their tax rate reduced.
Being threatened with the government taking half your paycheck should not only outrage middle-class taxpayers, but it should force Congress to do something to avert the crisis. A couple weeks ago the House of Representatives passed a bill that would do just that, but of course the Democrat-controlled Senate won’t take it up. The Democrat plan is to raise taxes on some but not others, to choose who gets to continue on this miserable “recovery” and who gets to return to the recession.
Not only does this chart show the urgent need to avert taxmageddon, but the need for comprehensive tax reform. No American should have to give half of what they earn to the government. As Heritage’s Patrick Tyrrell writes:
“It is outrageous that any dollar earned by a middle-class taxpayer would go as much to taxes as to supporting the taxpayer’s family. The government didn’t earn the taxpayer’s paycheck and shouldn’t be entitled to it.”