Special Reports: Tax Talk

A weekly series of Special Reports on how the 2011 tax hikes will affect you:

• The Largest Tax Hike in American History
  Beginning January 1, 2011, American families and small businesses will be saddled with a $3.8 trillion tax increase – the largest tax hike in American history.  There are many in Washington who are claiming that these tax increases will only affect the wealthy.  Simply put, this is inaccurate.  Instead, they will increase the tax liability of almost every American who pays income taxes – including middle-income American families and small businesses owners.
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• The New Income Tax Rates in 2011
  Review the chart of the tax increases on income beginning January 1, 2011 and see how they will affect your family.
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• The 2011 Tax Increases Impact on Small Businesses
  Many of my colleagues across the aisle have been referring to the $3.8 trillion tax increase that will take effect January 1, 2011 as a "tax on the wealthy," because, according to them, a majority of these tax increases will only impact those Americans who file taxes in the upper income brackets. Not only is their original logic flawed – these tax increases will impact almost every American who pays income taxes, including some of the lowest income families – but they forget to mention that many of these "wealthy" Americans are actually American small businesses like your locally owned and run grocery store or diner.
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• The 2011 Tax Increases Impact on the Child Tax Credit in Oklahoma
  On the 2010 tax return, millions of American parents and guardians will be eligible to receive up to a $1000 tax credit for each dependent, qualifying child. A qualifying child is a son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any who was under age 17 at the end of 2010 and did not provide for over half of his or her own support in 2010, who lived with the guardian for more than half of 2010, who is claimed as a dependant on the guardians return and who is a US citizen, a US national, or a US resident alien. This credit provides much needed tax relief to parents and guardians who see their expenses dramatically increased by the additional resources needed to care for a child.
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• The Reinstatement of the Marriage Penalty
  Another tax increase that many Americans will see on their tax returns in 2011 if the 2001 and 2003 tax cuts are not extended is the reinstatement of the marriage penalty. This will be a double punch to married couples who will see both their tax rate increase and their standard deduction decrease.
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• The Death Tax Lives Again
  On top of the decrease in funding for production agriculture and conservation programs and the unpopular cap-and-tax legislation President Obama and Speaker Pelosi are trying to push on Americans, farmers and ranchers across the country will soon be facing yet another burden – the reinstatement of the death tax.
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