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Tipsheet

GOP Senator Warns Taxes Will Be Going Up... Way Up.

As people are scrambling to get their tax returns in the mail today, Sen. Orrin Hatch, R-Utah., is warning taxpayers to savor 2009's tax levels while they can because in nine months taxes are going through the roof:

"On New Year's Day 2011, American taxpayers will wake up facing tax increases of unprecedented size, sending a dangerous jolt through our still teetering economy," he said during a "Tax Day Eve" event by GOP leaders complaining about high taxes.

"These job-killing increases include a 33 percent increase in the capital gains tax rate; an almost tripling of the top tax rate on dividends; a 50 percent cut in the now-$1,000 per child tax credit; and double-digit increases in the top income tax rates," Hatch said.

"The net effect would be a staggering blow to America's job creation machine, which is just now beginning to show some signs of life. These increases are on top of more than a half a trillion dollars in new taxes in the recently enacted health care bill," he said.

Hatch and other conservatives in Congress are urging Democrats and the Obama administration to "act now to prevent these tax increases from going into effect," and to cut overall spending.


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