ATR (Americans for Tax Reform) has learned that House Republicans next week will be forcing a vote on the Democrats' planned tax hikes in 2011. At the stroke of midnight on January 1, 2011, the Democrats have the following tax increases planned:
- The top rate will climb from 35% to 39.6%
- The capital gains rate will rise from 15% to 20%
- The dividends rate will soar from 15% to 39.6%
- The child tax credit will be cut in half, from $1000 to $500 per child
- The death tax will go from dead to 55%, overnight
- The marriage penalty will return for even the poorest taxpayers
- The lowest tax bracket will spike by 50%, from 10% to 15%
