The tax
changes scheduled to take effect on January 1, 2013 alone are wide-ranging:
·
The
2001 and 2003 tax cuts "Bush tax cuts" are set to expire, which would
increase marginal income tax rates, increase the tax on long-term capital gains
and qualified dividends, decrease the standard deduction for married couples,
and decrease the child tax credit.
·
The
estate tax will increase, from 35% on anything above $5.12 million to 55% on
anything about $1 million.
·
The
alternative minimum tax (AMT) patch is set to expire, resulting in tax
increases for taxpayers earning between $50,000 and $200,000.
·
The
employee portion of the payroll tax will increase from 4.2% to 6.2%.
·
Several
dozen tax deductions will expire, including those for tuition expenses,
alternative fuels, and mortgage insurance premiums.
