U.S. Rep. Randy Hultgren, R-Winfield, is reminding constituents that as of today, Oct. 1, there are just three months left until the largest tax increase in history.
Current tax rates will expire on Jan. 1, 2013, if no action is taken. According to the nonpartisan Congressional Budget Office, failure to extend current income tax rates and deal with the Alternative Minimum Tax will increase taxes on working Americans by $232 billion in 2013 alone.
This means that a family of four earning $50,000 per year could pay almost $2,200 in higher taxes (a five-fold increase in their tax liability), a single mom earning $36,000 per year could pay more than $1,100 in higher taxes (nearly doubling her tax liability) and married senior citizens earning $40,000 per year could pay nearly $1,700 in higher taxes (more than doubling their tax liability).
Only the House of Representatives has passed a plan to stop the impending tax hike in January. Earlier this year, just before it passed the House, Congressman Hultgren explained his reasoning for supporting the plan in a video statement – http://youtu.be/xsQ3kwPYHeQ