Taxmageddon coming January 1st, 2013

By Tom Quiner

Should we tax Americans an extra half a trillion dollars?

It’s going to happen automatically if we do nothing. Here’s what Congressman Allen West from Florida says:

“On January 1, 2013, Americans face a $494 billion tax increase—the largest in American history. These tax increases included capital gains taxes, expiration of business investment exemptions, the return of the death tax and the return of the marriage penalty.”

The chart below spells it out.