Washington (CNN) — Taxmaggedon is coming. Unless President Obama and Congress act, Americans will be hit with what would be in total dollars the largest tax increase in history in little more than five months.
Income taxes will go up on every single taxpaying American. The Alternative Minimum Tax, designed decades ago to ensure that 154 wealthy Americans paid income taxes, would hit an additional 27 million Americans with a $92 billion tax hike. The death tax will come roaring back — hitting farmers, ranches and businesses.
The cost? A family of four earning $50,000 would see their tax bill go up by $2,200. A single mother with a $36,000 a year paycheck would see $1,100 more go to Uncle Sam. And a married senior citizen couple with $40,000 in income would see their taxes double — paying $1,700 in higher taxes.