| | | | | an expanded 15% ......The 25% bracket rises to |
| The Tax Wave Tsunami© January 1, 2011, | | | | 28% ......The 28% bracket rises to 31% ......The |
| the largest tax hikes in the history of America will | | | | 33% bracket rises to 36% ......The 35% bracket |
| take effect. They will hit families and small | | | | rises to 39.6% |
| businesses in three great tsunami waves. | | | | Higher taxes on marriage and family. ...The |
| First Wave: January 1, 2011 Expiration of 2001 and | | | | "marriage penalty" (narrower tax brackets for |
| 2003 Tax Relief. ... In 2001 and 2003, the GOP | | | | married couples) will return from the first dollar of |
| Congress enacted several tax cuts for investors, | | | | income. ...The child tax credit will be cut in half |
| small business owners, and families. These will all | | | | from $1000 to $500 per child. ...The standard |
| expire on January 1, 2011 ...Personal income tax | | | | deduction will no longer be doubled for married |
| rates will rise. The top income tax rate will rise | | | | couples relative to the single level. ...The |
| from 35 to 39.6 percent (the rate at which | | | | dependent care and adoption tax credits will be |
| two-thirds of small business profits are taxed). ... | | | | cut. The return of the Estate Tax. ... For |
| The lowest rate will rise from 10 to 15 percent. All | | | | those dying on or after January 1, 2011, there is a |
| the rates in between will also rise. ...Itemized | | | | 55 percent top death tax rate on estates over $1 |
| deductions and personal exemptions will phase | | | | million. ...The capital gains tax will rise from 15 |
| out, which has the same mathematical effect as | | | | percent to 20 percent in 2011. ...The dividends tax |
| higher marginal tax rates. ...The full list of marginal | | | | will rise from 15 percent to 39.6 percent in 2011. |
| rate hikes is below: ......The 10% bracket rises to | | | | ...These rates will rise another 3.8 percent in 2013. |