I just received a letter from a friend of mine who is an accountant with a CPA and owns her own firm. I won't rewrite the whole letter but I will put in the basics of what you should expect. First Wave: Personal Income Tax Rates Will Rise. The 10% bracket rises to 15% The 25% bracket rises to 28% The 28% bracket rises to 31% The 33% bracket rises to 36% The 35% bracket rises to 39.6% (this is the rate at which 2/3rds of small business profits are taxed). Higher Taxes on Marriage and Family. The "marriage penalty" (narrower tax brackets for married couples) will return from the first dollar of income. The "child tax credit" will be cut from $1000 to $500 per child. There are a few others. The Return of the Death Tax 55% top death tax rate on estates over $1 million. bla bla bla, not good for the families of the deceased. Higher Tax Rates on Savers and Investors. The capital gains tax will rise from 15% to 20%. The dividends tax will rise from 15% to 39.6%. They will both rise another 3.8% in 2013. Second wave: Health-care BS! The "medicine cabinet tax". cand use a Health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription drugs (except insulin?) The "special needs kids tax" cap on FSA of $2,500 (currently no fed limit). third wave: The AMT will Affect over 28 million families. up from only 4 million last year. According to the tax policy center, congress' failure to index the AMT will lead to an explosion of AMT taxpaying families. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to affect only a handful of taxpayers. Small business expensing will be slashed and 50% expensing will disappear. Small business can normally expense equipment purchases up to $250,000. this will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be "depreciated". Taxes will be raised on all types of businesses. Basically another way of saying LOST JOBS!!! Tax benefits for education and teaching reduced. As if teachers weren't hurting enough, they will no longer be able to deduct classroom expenses from their own wallets. Deduction for tuition and fees will not be available. Coverdell education savings accounts will be cut. The student loan interest deduction will be disallowed for hundreds of thousands of families. Charitable contributions from IRAs no longer allowed. Under current law a retired person with an IRA can contribute up to $100,000 per year directly to a charity from his/her IRA. This contribution also counts toward an annual "required minimum distribution." This ability will no longer exist. This tax hike, the largest in the history of the United States of America has not been widely publicized, for obvious reasons. KEEP THE GOD %&#* CHANGE! REMEMBER IN NOVEMBER!!!!