President Obama on Monday reiterated his push to extend the Bush Tax cuts for the middle class but not the 2% of U.S. households making more than $250,000.
"I believe it's time to let the tax cuts for the wealthiest Americans -- folks like myself -- to expire," President Obama said, adding "the American people are with me on this."
Indeed, numerous polls show the majority of Americans favor raising taxes on the "rich."
But millions of middle class Americans are at risk of higher taxes if no action is taken before Jan. 1, notes Josh Brown, vice president of Fusion Analytics and author of The Reformed Broker blog.
Specifically, Brown is concerned about the sharp rise in taxes on dividends and capital gains that will occur as part of the so-called fiscal cliff -- or "taxmageddon" if you prefer.
If Congress fails to act, the capital gains rate will rise to 23.8% next year from 15% today and dividend taxes will rise to as high as 43.4% from 15%, BrownRead More »from Obama’s “Populist” Tax Platform Puts Retirees at Risk: Josh Brown