Tax Increases in 2011

Nancy Pelosi is making history by preventing discussion on the floor of Congress about a 2011 budget. Perhaps she fears that the public will retaliate in November elections if it finds out just how onerous the 2011 tax hikes are going to be. Some of the tax increases include:

• Each income tax bracket’s percentage will be increased
• Itemized deductions and personal exemptions will be phased out
• The estate tax exemption will only be $1 million along with a higher percentage taxed 
• Capital gains tax will rise
• Obamacare will add over 20 new taxes
• Business expense deductions will be less helpful to businesses

For more details, see Karlan Tucker, The Largest Tax Hike in American History, Producersweb.com, July 20, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.