Fact Sheet: On Taxes, Senate Democrats Fiddle, While Rome Burns

Senate Majority Pursue Buffett Tax, While Failing to Address Massive Looming Tax Hikes on Every American

In just over 8 months, almost every single American taxpayer will be hit with the largest tax increase in history unless Congress acts. So what are the President and Senate Democrats doing about it? Taking up the Buffett Tax – legislation that won’t stop this massive tax hike, won’t solve the nation’s debt crisis, won’t get America’s economy moving again, won’t help a single American get a job, and won’t bring down the skyrocketing price of gas.

Below demonstrates the impact of Taxmaggedon if the President and Congress don’t act to prevent this massive tax increase by the end of the year:

For this year, 26 million middle income families will owe $92 billion in Alternative Minimum Tax (AMT) when filing their returns one year from now. If the law remains as is, some of these 26 million families would owe their first quarter’s estimated tax payment, attributable to that stealth tax, and would need to pay it tomorrow. (Source: Analysis by Senate Finance Committee Minority Staff)

A family of four, earning $50,000, will get hit with a $2,183 tax hike. (Source: Analysis by Senate Finance Committee Minority Staff)

A small business owner will face a top marginal tax rate hike of 17 percent. (Source: Analysis by Senate Finance Committee, Minority Staff)

The number of farmers who will face the death tax will rise by 2,200 percent. (Source: Analysis by the Joint Committee on Taxation, September 7, 2011)

The number of small business owners who will face the death tax will rise by 900 percent. (Source: Analysis by the Joint Committee on Taxation, September 7, 2011)

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