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Vice President Joe Biden speaks at Sinclair
Tax Changes Taking Effect Jan. 1, 2013 if Congress does not act Tax Change/Increase (2013 over 2012)
Expiration of the 2001-03 tax cuts (not including estate) $156 billion
Expiration of the payroll tax holiday $125 billion
Failure to patch the Alternative Minimum Tax $88 billion
Expiration of business expensing $48 billion
Expiration of other “tax extenders” $40 billion
New PPACA (Obamacare) taxes $36 billion
Expiration of the 2009 stimulus $11 billion
Estate tax increase $10 billion
Total, Tax Increases $514 billion
Source: Tax Foundation; Congressional Budget Office; Joint Committee on Taxation; Office of Management & Budget.