- Medical Device Tax
- Special Needs Kids Tax
- Surtax on Investment Income
- Raising the threshold for deductible medical expenses
- Medicare Payroll Tax Hike
The details can be found here .
Remember, some of these new taxes hit married taxpayers who make $250k or more ($200k for single taxpayers). This will hit small business owners hard. These taxes, along with the potential expiration of the Bush tax cuts, are going to impose one of the largest tax increases on Americans. Also keep in mind, if the Bush era tax cuts are not renewed or made permanent by Dec. 31, 2012, the tax increases will be effective immediately in January's payroll. All employees will be effected by these tax hikes.
LFC did an analysis of the impact of paychecks if the Bush tax cuts expire in December. You can find that analysis here.
With an economy growing at less than 2%, these tax increases could be enough to send us into a recession.
