Tell Congress to Act Now to Avoid Going Over the Fiscal Cliff!
Tax increases are set to impact small-business owners at the end of the year and Congress has not acted yet to protect America’s job creators. Seven small-business taxes are set to expire at the end of the year and another five taxes from the new healthcare law are set to begin. All this accounts for an almost $500 billion tax increase for 2013 alone.
Come January 2013, a major tax increase will hit Main Street in the following ways:
● Individual income tax rates will jump to almost 40 percent
● Family farms and businesses will see an estate tax rate of 55 percent with only a $1 million exemption – both much higher than the current 35 percent rate and a $5 million exemption
● Capital gains tax will increase to 20 percent
● The alternative minimum tax (AMT) will hit more small business owners
● Popular tax extenders, such as Section 179 Expensing, will be significantly reduced or expire altogether
● Exemptions and Deductions will apply to fewer people
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