The Bush tax cuts expire on December 31st, 2012. Some of your new ObamaCare costs kick-in at the same time. Your new tax rates are below. I cannot link the source as it came to me from an investment advisor. If interested, a few days ago I posted on corporate tax cuts designed to shake down oil and gas, boost Unions and gain Democrat donors. Read it here.
When the new tax under health care reform is added to the expiration of the Bush tax cuts, in 2013:
• The top tax rate on ordinary income will rise from 35% to 43.4%—an increase of almost 25%
• The top tax rate on capital gains will rise from 15% to 23.8%—an increase of almost 60%
• The top tax rate on dividends will rise from 15% to 43.4%—an increase of almost 300%
• The estate tax exemption will drop from $5 million to $1 million and the estate tax rate will rise from 35% to 55%—an increase of over 55%
Most important, Congress need not pass a single piece of tax legislation in 2012 for these tax rates to take effect in 2013. They will happen by default.
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