Three great waves ... IRS

*Subject:*Three great waves ... IRS

This will really make your blood boil - *at least it ought to*!!!

*In just **four months**, on January 1, 2011, the largest tax hikes
in the history of America will take effect. *

They will hit families and small businesses in three great waves. *

On January 1, 2011, here's what happens... (read it to the end,
so you **see the effect of all three waves)... *
First Wave: **


Expiration of 2001 and 2003 Tax Relief **
**
In 2001 and 2003, the GOP Congress enacted several tax cuts for
investors, small business owners, and families. *

These will all expire on January 1, 2011. *

**
Personal income tax rates will rise. *

The top income tax rate will rise from 35 to 39.6 percent (this
is also the rate at which two-thirds of small business profits are
taxed). **
**
The lowest rate will rise from 10 to 15 percent. **
**
All the rates in between will also rise. ** Second Wave: *

Obamacare *

There are over twenty new or higher taxes in Obamacare. Several
will first go into effect on January 1, 2011. They include: *


The "Medicine Cabinet Tax" *

Thanks to Obamacare, Americans will no longer be able to use health
savings account (HSA), flexible spending account (FSA), or health
reimbursement (HRA) pre-tax dollars to purchase non-prescription,
over-the-counter medicines (except insulin). *


The "Special Needs Kids Tax" *

This provision of Obamacare imposes a cap on flexible spending
accounts (FSAs) of $2500 (Currently, there is no federal government
limit). There is one group of FSA owners for whom this new cap will
be particularly cruel and onerous: parents of special needs children.

There are thousands of families with special needs children in the
United States , and many of them use FSAs to pay for special needs
education. *
Third Wave: *

The Alternative Minimum Tax (AMT) and Employer Tax Hikes *

When Americans prepare to file their tax returns in January of 2011,
they'll be in for a nasty surprise-the AMT won't be held harmless,
and many tax relief provisions will have expired. *

The major items include: *


The AMT will ensnare over 28 million families, up from 4 million
last year. *

According to the left-leaning Tax Policy Center , Congress'
failure to index the AMT will lead to an explosion of AMT taxpaying
families-rising from 4 million last year to 28.5 million. These
families will have to calculate their tax burdens twice, and pay
taxes at the higher level. The AMT was created in 1969 to ensnare
a handful of taxpayers. *


Small business expensing will be slashed and 50% expensing will
disappear. *

Small businesses can normally expense (rather than slowly-deduct,
or "depreciate") equipment purchases up to $250,000.

Entire Article HERE