Home / Budgeting / $3,700 a Year Tax Increase Will Hit You Next Year
Print Friendly and PDF

$3,700 a Year Tax Increase Will Hit You Next Year

Written by Gary North on November 14, 2012

Are you ready for the AMT? That’s the Alternative Minimum Tax. The biggie in the “fiscal cliff” is this one.

It will it close to 27 million families. They are unaware of it. They have not budgeted for it.

Have you?

If Congress decides to revoke it before January 1, the IRS will have to re-program its computers. Americans will not get their tax refunds early. They will have to wait for extra two months. Yet they count on these refunds.

The AMT will eat up next year’s tax refund — and then some.

Surprise!

The AMT will hit the middle class right between its collective eyes. The middle class will learn that there are no free lunches.

What will Congress do between now and January 1? Nobody knows.

Neither Obama nor Romney mentioned any of this, did he? That’s because it’s a bipartisan tax hike.

The voters will scream bloody murder. “Kick the can! Tax the rich!” That ancient ditty will be back in play. “Don’t tax you. Don’t tax me. Tax the guy behind the tree.”

When reality hits in the monthly withdrawal payment from salaries, the voters who work will stop spending this money. The people on the government’s many doles will start spending it. That’s Keynesianism in action. Keynesians never mention this.

Call it austerity. Your austerity. Not the government’s.

Have you factored this into your plans? Have to talked to your employer about what will happen to your take-home pay next January?

Have you sat down with Quicken to make your 2013 budget?

Which categories will “pick up the slack”?

Continue Reading on www.npr.org

Print Friendly and PDF
Posting Policy:
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse. Read more.

27 thoughts on “$3,700 a Year Tax Increase Will Hit You Next Year

  1. That's not all. With the dollar downgraded another time due to Obama's spending habits and trillion dollar deficits, and with China et al not wishing to loan the US as much, look to Obama to ATTACH everyones 41k and other RETIREMENT ACCOUNTS for funds to run the government and provide all of Obama's benefits to those he has deemed needy and Obama has facilitated job losses. And the BIG ONE IS COMING WITH OBAMACARE with employers ELIMINATING as many 40 HOUR/WEEK JOBS, CONVERTING THEM TO 29 hour PART-TIME JOBS so they don't have to pay for Obamacare. This will really hurt the young people without a lot of job experience and more expendable. Difficult to understand why Obama carried such a great percentage of the youth vote, the only explanation being that that is what they wanted, or were not informed voters. Of course, that is why this was not that well advertisedas being a part of the Obamacare law.

    • The young voted for Obama because they were told lies about both candidates. They have no clue what is going on. They don't follow the news, and if they do it is distorted by networks such as MSNBC. They are told that Romney is going to make them pay more taxes than the rich and take away their access to student loans, and young woman think that Romney was going to take their access to birth control away – and just because someone told them. The uniformed young people were encouraged to register to vote and get in a bus to go to the polls and vote for Obama.

      If you had to take a test to show that you know something about the candidates and you know how to use half of your brain, Obama would have gone down,

    • It's easy to understand when you just accept that obuma and his supporters believe that America has to be taken down, it does not matter how much social, economic, and personal pain there is, or how many businesses go under, because they will just 'tax the rich', since they got rich on the 'backs of poor people'. And too many now believe there is such a thing as a free lunch, or housing, or phones, or unemployment, or assistance, disability, ad nauseaum . . .

    • American Patriot says:

      I’m not sure you guys are tracking your percentage of correct predictions but you are currently at 0%! None of your predictions have come true and none will. You guys are coo coo for coco puffs! There is no tax hike for the middle class unless the republicans approve it. They hold the house! Remember all taxes are approved through Congress! So now you have the people to thank should the tax cuts not be continued!

  2. for all you stupid people who voted this chimp dick-tater in office thank you for fu–ing the rest of us

  3. All I can say is that all you idiots who voted for the usurper can just reap it! I do understand that your votes didn't elect him though. Vote fraud did. In any case, you morons deserve this pain. The rest of us do not!

    • this is in reply to all, from the interviews I saw the young did not even know the issues, did not know the name of many of the people running, did not understand anything about what is going on. These are people who cannot tell you how many states there are much less name them, who do not know how many feet in a yard, do not know the branches of government, did not even know Benghazi happened, sleep with each other only after they have known each other for a long time I.E. a week, do not know a hurricane hit NJ, but do know who is on Dancing with the Stars, think a Secretary of State types letters. They voted the Oreo Cookie in, Why? As several told me, people have been mean to him and it is not fair for him to not get another term when all the other presidents did. Besides, Romney is "way older."

  4. You didn’t give the income figure. We need the income figure.

    • Yes who exactly is the middle class ? i'm pretty sure my under 30K for the year won't qualify me… and if it does where am i going to get another 3500 a year to pay for something else i can't afford ???????????????

      • Sorry $3700 ! Not even sure if i'l have a job then !? Will Anyone else still be employed this is all going to come to a screeching halt !

  5. What is going on in America is incomprehensible!!!! Grown politicians,everyday citizens, and businesses folding under a phony,muslim moron from God knows where!!!! When will the other jackasses in Washington tell him to get the hell out if town!!! What if the politicians in the 1940's were as cowardly as what we are stuck with now. Everyone would be speaking German or Japanese!!! Now the attempt will be the conversion to muslims. America,as it is now should be ashamed of itself!!! And yes—-I'm one of the Greatest Generation!!!

  6. This will financially crush me. I’m out 6000.00 more per year for heating oil, gas and food over what I normally spend. I work 100% commison and customers are just not buying. I’ve lost 10,000.00 of income each year sense obama was elected. Do the math…I have balances on my credit cards now, i struggle to make my mortgage each month. I work hard for what I earn. I know I’m not alone here. What can be done… This Administration is responsible for me losing everything I’ve worked my whole life for. Please write, email and call your congressman and tell them to NOT LET THIS HAPPEN TO US HARD WORKING AMERICANS…Also, PRAY…..

  7. For all of you that voted democrat. We the People have you to thank for all this nightmare coming. Its too bad we have to deal with living in the mess you helped bring on to us.

    • It will no longer be OUR country, it will be his, the money will be his and all the rights will be his. He will treat us like Hitler treated his people. We need to deport all illegals, including the one in the Oval Office!!

  8. Its coming people, when he sends the UN peace keepers to roll down the streets collecting everyones guns that will be it. WAR! The getto king will get more than he bargained for.

    • Perfectlyaged says:

      Obama’s civilian army (FEMACorps) just graduated its first class
      Remember when Barack Obama asked for a civilian defence force "as strong and well funded as the U.S. military"? Well, here’s President Obama’s first graduating class of FEMACorps workers. One young man sums up pretty well how disturbing this is by saying, "we don’t really know what our job is" while adding that he’ll go "wherever the government sends him". Nothing like a little brownshirt army to have at your beck-and-call.

    • I will NOT obey unlawful orders or follow any traitor who give allegiance to the UN or any other Nation! Neither should anyone else who is in the U.S. Military who swore an Oath to uphold and Defend the Constitution ! REAL AMERICANS- PATRIOTS !

  9. Its coming people, when he sends the UN Peace Keepers to roll down the streets collecting everyones guns that will be it. The Welfare King will get more than he bargained for. Do you realize we are spending 1.3 Trilion thats with a T in welfare payments to these sponges/deadbeats. Unemployed, disabled and such are NOT included. The unemployed were working and i do support the disabled. But the deadbeats, 1.3 T thats a hood place to start to chop the payment book.

  10. DOOM GLOOM AND SOME MORE DOOM. You KoolAid drinking dipshits are just buying into Gary North's crazy, and he's reaping the benefits. Get a clue people. You're nothing more than sheep right now.

  11. Will he make it another 4 yrs???? I doubt it.

    • Unfortunately, I think he plans to be the OWNER of OUR country forever. Another Hitler. Wish he would wind up in the bunker like Hitler, very soon!!

  12. Distraught says:

    Since when does the Tea Party worry about the middle class. You should get after the 1% rich who are pinching their pennies while American citizens are unemployed. Mitch McConnell, John Boehner (slave to the Tea Party) and Eric Cantor are not true patriots. They are beholden to the 1%.

    • Yes, Harry Reid, Nancy Pelosi, and Charlie Rangel should quite pinching their pennies anc share a bit more. The Tea Party folks worry about unconsitutional laws being passed which unleash the gub to curb the freedom of the middle, lower, and upper classes.

  13. [...] they're A-Okay with sticking American taxpayers with draconian tax hikes … lots and lots of tax hikes … Defaulting on Medicare and other government "services" is [...]

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title="" rel=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>