Heritage in Focus Podcast, Heritage Foundation tax expert Curtis Dubay discusses his new report on “Taxmageddon,” the enormous tax increase coming at the end of 2012 unless lawmakers act.
“Taxmageddon is a $494 billion tax increase that strikes at the beginning of 2013,” Dubay writes in his report. “Under current law, tax policies in seven different categories will expire, and five of the 18 new tax hikes from Obamacare will begin.”
 | A tax increase the size of Taxmageddon for just one year is simply unprecedented. Usually tax and budget policies are evaluated on estimates over 10 years. A 10-year tax increase of Taxmageddon’s magnitude would be off the charts. By comparison, all the tax increases in Obamacare—itself an enormous tax increase—raise $502 billion over 10 years, which is almost as much as Taxmageddon will increase taxes just in 2013. |  |
You can read more about Taxmageddon on The Foundry. |
