Thursday, June 14, 2007

Here are some of the tax cuts set to expire...think of how they affect you personally:

  • All income tax rates will be going up. If you have a job, you’ll be paying more in taxes. The bottom rate will climb from 10% to 15%, and the top rate will shoot all the way back up to 39.6%!

  • Small businesses generally pay taxes using the individual rates. If you own a small business, your taxes will be going up.

  • Investors who own stocks will have to pay much higher capital gains and dividend taxes. If you invest your money in the stock market, your taxes will be going up. The capital gains tax rate will rise from 15% to 20%, and the dividends tax rate will rise from 15% to a whopping 39.6%!

  • If you have children, the child tax credit will be cut in half, from $1000 to $500.

  • If you are married, you can count on a full return of the marriage penalty. The standard deduction will no longer be double for married couples, and all couples of all income levels will face a marriage penalty in the brackets.

  • If you’re stupid enough to die, the death tax comes back at full force—the government can take 55% of what you leave from your small business or family farm.
It’s pretty clear that everyone’s taxes will be going up with the Democrat “stealth” tax increase.

Tell us how yours will!
ATR was contacted this week by the House Republican Leadership. They want to hear from our supporters—you—directly. Specifically, they want to hear your story on how letting the tax cuts expire will hurt you. We will pass along all your stories to the Republican leadership, where they will be put into the Congressional Record.

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