I continue to be extremely disappointed by the Republican party's refusal to include in their "fiscal cliff" arguments talk about these other new taxes that'll be hitting small and large businesses come January 1, 2013. The 3.8% tax on investments alone will especially hurt small businesses, and yet nobody in Congress or the Republican Party seems to be pointing this out - even as Obama continues to argue for an end to Bush tax cuts for the "rich/millionaries" so they have to pay their "fair" share - whatever that is. This is exactly why we lost in November. It's absolutely mind-boggling. (By the way, Obama, those whose income falls in the $250,000 range are NOT rich millionaires.)
Although some of the "fiscal cliff" taxes can be avoided through a deal made in Congress, new ObamaCare taxes are guaranteed to kick in on January 1, amounting to $268 billion tax hike. From Americans for Tax Reform:
The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and...
multiple perks and other benefits.