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100 days until 'taxmageddon'

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    Americans face $494 billion tax hike on January 1, 2013

  • Duration 3:20
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We are now exactly 100 days away from the largest tax hike in American history and -- The president and congress act to stop it.

Tax them again as some are calling it will be -- 494.

Billion dollar tax increase on Americans.

What can we expect how badly -- you take it joining us now is the founder and president of Americans for Tax Reform.

Grover Norquist with the bad news you are the bearer of bad news this morning sir tell us where attacks -- didn't begin.

-- well here's the challenge.

President Obama has opposed all efforts to.

Permanently extend.

The Alternative Minimum Tax patch.

The bush lower tax rates from 20012002.

Expensing for businesses.

And then he added to all of those pending tax increases.

The twenty different tax increases and Obama care.

So he created this moment January 1 next year just a hundred days -- -- if he gets reelected.

500 billion dollars of taxes take place automatically.

Because he has refused for eight years to make those 34 years to make those permanent.

And he -- cute he wants to make some of them permanent he sets but here's your I think -- he never acted to make any of them permanent.

Ever revenue for the folks at home who don't know where they fall let's start with personal income tax starting January 1 and who will be affected.

And how much everybody taxes go up we're looking at this this full screen right here -- Tell me the break us all down for us.

The 10% rate the lowest rate goes up to fifteen so there's -- 50%.

And increase in the in the tax rate -- lowest income Americans the top break guys from.

Up from 35 up to almost 40% of -- keeping taxes your taxes are going up regardless every American if at and for many people if you don't yet pay taxes they take away the marriage.

I pass the protection against the marriage penalty and pirate attack us if you're married on -- -- can't children the deduction allowed out of box.

Yeah that got 2000 -- you lose the higher credit.

That -- was put in under bush that goes away that cost you per child to a lot of people don't pay any taxes last year this year.

Will be -- next year.

And there's yet another wave -- you suggest this comes basically in three ways wave number two -- do with.

Obamacare now we don't know specifically.

How these will affect the average consumer -- just yet when it comes to specific things like that.

Medical device tax but one would think these will trickle down is that the thinking.

Oh yes this is the medical device tax that Obama and the Democrats put it is -- tax on stents put in her for heart surgery.

For a wheelchair used in a hospital mean this is everything that the medical device.

They raise taxes on health savings accounts making you may not be able to keep.

Your health savings accounts because of out taxes that the about flexible savings accounts that a lot of people -- for handicapped children.

Those are now heavily taxed.

I Grover Norquist thanks so much for breaking us all down for us and helping us off to understand that we appreciate you being here.

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