Obama’s $264 Billion Tax for 2013 May Spark New Recession
Newsmax – With the fiscal cliff deal and many Obamacare taxes taking effect, Americans will be slammed with an estimated $264 billion in new taxes this year alone — making 2013 memorable for delivering one of the largest one-year tax increases in American history.
The math breakdown of the new taxes is simple: Key parts of the Bush tax cuts will expire as a result of the new fiscal cliff legislation, hitting American taxpayers with taxes of about $39.5 billion each year for the next decade.
In addition, the expiration of the so-called “payroll-tax holiday” will fill federal coffers with another $160 billion each year, on average, over the next 10 years.
And finally, several new Obamacare taxes begin this year, costing Americans an estimated $41.8 billion of additional taxes.