4 years into HIS presidency, it is time that obama take ownership for the massive tax increases that will go into effect on January 1, 2013:


What Will Happen Jan. 1 Without Federal Action:

Income Tax Brackets - Rates would rise for all Americans, with the lowest bracket rising from 10% to 15% and the highest from 35% to 39.6%.

Dividends - Would be taxed at the same rate as ordinary income —
instead of today's 15% maximum rate.

Capital Gains - Maximum rate would rise to 20% from the current 15%.

Personal Exemptions and Itemized Deductions - Would be reduced for high-income taxpayers.

Alternative Minimum Tax - Without extension of temporary exemptions, more taxpayers will be snared by this parallel tax system.

Payroll Taxes - Individuals' share of Social Security taxes would return from the temporary 4.2% to the normal 6.2%; the self-employment tax rate would rise from 10.4% to 12.4%.

Estate Taxes - Maximum estate tax rate would rise to 55% from the current 35%; estates valued at more than $1 million would face the tax (versus the current $5 million).

Education Savings -The annual contribution limit for Coverdell Education Savings Accounts would fall from $2,000 to $500 and qualified withdrawals would no longer be permitted for K-12 expenses.

Child Tax Credit - Falls from $1,000 to $500.

Married Couples FilingJoint Returns - The expiration of features meant to address a so-called "marriage penalty" would reduce standard deductions and push many couples into higher tax brackets.

Adoption Credits - Maximum credit would fall from $13,360 to $6,000 and would only be available for special needs children.

Other Popular Tax Breaks - Deductions for state and local sales taxes, higher education and teachers' classroom supplies all would vanish.