“Taxmageddon, scheduled to hit on January 1, 2013, will be
the largest tax increase in American history. It’s a one-year, nearly $500
billion tax hike that will hit businesses, families, young people—its impact
will be devastating. Heritage has calculated that a middle-class family of four
will see their taxes go up by more than $4,100 just next year. [See how Taxmageddon will impact you.]
If Congress and the President do not prevent Taxmageddon, the CBO said sluggish economic growth won’t be our problem next year. Instead, the U.S. economy will actually shrink. It will shrink by 0.5 percent, and the unemployment rate will spike to 9.1 percent.”
The Heritage Foundation
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