Starting Jan. 1, 28 million middle-Americans will be socked with a massive Alternative Minimum Tax (AMT), which Republicans had suspended. That's a "gotcha" that penalizes taxpayers in ways they never expect, adding big tax penalties based on an "alternative" way of calculating taxes due.
Upper-income Americans will see a big jump in their marginal tax rates. Their accountants are already telling them that the more they work, the less additional money they will take home, so they may be already slowing down, canceling investments or retiring to draw Social Security.
Hardworking parents who are saving for their children's future will be hit by the reinstatement of the massive "death tax" on Jan. 1. They may wonder why they work hard and save if their money will go to Uncle Sam and to people who choose not to work.
Marriage penalties will hit couples hard, both in the income tax law and in Obamacare. Obama's financial favoritism toward unmarried women, his second biggest voting bloc, has become common knowledge.
Those who choose to control their own health care through Health Savings Accounts will be slapped with new taxes. That's just one more way to promote Obama's goal of moving all health care to government control.
Employers are not hiring because they know they will soon be paying not only higher taxes but also more health care costs or penalties. Depreciation allowances for investment in equipment will be lowered from $250,000 to $25,000, which means businesses will do less investing.
Our ability to compete in the marketplace, of course, depends on our advanced research and development. New taxes will hit R&D hard, which means more slowdowns and more outsourcing overseas.
The expiration of the Republican tax cuts will impose the largest tax hikes in history, affecting all taxpayers. The nearly 50 percent who pay no taxes will also be hurt by more loss of jobs.
There is only one antidote for these depressing prognostications. On Nov. 2, American voters will have the chance to choose real change from Obama's failed Illinois borrow-and-spend policies by electing Republicans who commit to extend the expiring tax cuts.
Phyllis Schlafly is a national leader of the pro-family movement, a nationally syndicated columnist and author of Feminist Fantasies.
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