Mayonomics 2012

MAYANOMICS 2012 The Mayan calendar, grossly misinterpreted, tells us that the world is going to end on December 21st, 2012. An actual calendar, correctly interpreted, tell us that our economy is heading towards a sort of apocalypse of its own come January. While the Mayan predictions might only make you want to play ding, dong, ditch with your neighbor's basement shelter, the fiscal cliff, come January, is likely to have some real consequences. We've put together some of the most catastrophic policy changes that would go into effect, and what might happen if Washington fails to act. Will the world end? No. But it still ain't pretty. INCOME TAX RATES BEFOR E & AFTER THE FIS CAL CLIFF INCOME TAX RATES IF CUTS EXPIRE come tax bracket is determined by what the taxpayer earns CURRENT INCCOME TAX RATES income tax brocket is delermined by what the taxpoyer eorns 39.6% 35% 33% 28% 25% 15% 36% 31% 28% 15% 10%, Roughly 90 percent of households would pay more. Middle income households would pay, on average, about $2,000 more, according to the nonpartisan Tax Policy Center. OTHER TAXES AUTOMATIC SEQUE STER CUTS GOING UP 35% 55% LAST YEAR'S DEFICIT: *estate tax 1.1 TRILLION 15% up to 39.6% vs *dividend tax 109.3 BILLION 5-15% NON DEFENSE DEFENSE IN CUTS FY2013 10-20% $54.7 BILLION $54.7 BILLION capital gains tax TOTAL CUTS TOTAL CUTS *$5 milion exempfion decreases to $1 milion **dividends are taxed at income tax rates - as high as 39.6% *does not add e 109.3 Billion due to Founding FISCAL CLIFF CONSE QUENC ES RECESSION 9% UNEMPLOYMENT washingtoncouldlearnalot.com Source: Washington Could learn a lot fact Sheet. Mayanomics & The Fiscal Clif