As if to cast a dark cloud over the 2012 Christmas shopping season, financial and tax experts stated Thursday that now is the time to prepare for massive 2013 federal tax hikes.
Obamacare alone contains over $800 billion in tax increases, and the first wave of those increases are set to occur in 2013-14. In addition, unless Congress and the president act before Jan. 8, 2013, the Bush era tax cuts will expire, sending taxes skyrocketing in what will amount to the largest single tax increase in U.S. history.
The average middle class family of four will automatically pay an extra $2,000 in federal taxes alone, excluding Social Security and Medicare withholding, unless Washington moves quickly to extend or make permanent the Bush tax cuts.
But there is heavy Democrat opposition in Congress to either extending or making permanent the tax cuts...
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