I know, it’s never good news, but the Bush tax cuts are set to expire at the end of the year and when they do — whammo! We are all going to get hit -no matter how much money you make. Here’s why: The current six tax-rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%.

By Gerri Willis at FOXBusiness

Are you ready…for higher taxes?

I know,  it’s never good news, but the Bush tax cuts are set to expire at the end of the year and when they do — whammo!

We are all going to get hit -no matter how much money you make.

Here’s why:  The current six tax-rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%.

For a while, it looked like Congress might opt to stick with the current brackets — as a way to help low income folks. But the reality now,  with massive deficits, is that that fix might not happen.

Tthat’s not the only thing to worry about: Investors and savers are about to get stung, too.

The maximum tax rate on long-term capital gains is set to go to 20% from 15%.

FULL STORY

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