We just received a long letter from our tax planner going over all of the Federal & State tax increases. Some of the Federal increases are contingent upon what happens with the "Bush Tax Cuts". Others, however, mostly associated with ObamaCare, are certain. Then comes the Prop. 30 increases on the State level.
I could go over all of these MASSIVE tax increases by number, but I don't think many of us really pay all that much attention (as evidenced by the voting). So let's suffice it to say this:
If you were kind of rich... you won't be much longer.
If you hoped to be rich....forget about it.