"Taxmageddon” (tax + Armageddon) is a time when tax rates will increase to very high levels to pay for existing debts. The word “taxmageddon” has been cited in print since at least March 2010, but became popular in a February 18, 2012 article in the Washington (DC) Post, “‘Taxmageddon’ looms at end of payroll tax holiday” by Lori Montgomery:
“The potential shock to the nation’s pocketbook is so enormous, congressional aides have dubbed it ‘Taxmageddon.’”
Conservative publications and groups such as the Washington (DC) Times and The Heritage Foundation further popularized the word “taxmageddon” in March and April 2012.
The Santa Clarita Valley Signal (CA)
Smarties: How to make tax time less taxing
Posted:March 11, 2010 10:19 p.m.
Updated:March 12, 2010 4:55 a.m.
Heidi Clingen & Samuel K. Freshman
It has been a harsh winter. Many parts of the country have been buried in snow, in what has been nicknamed “snowmageddon.” Fortunately, you can avoid being buried in your personal “taxmageddon” during the upcoming tax season.
Washington (DC) Post
‘Taxmageddon’ looms at end of payroll tax holiday
By Lori Montgomery, Published: February 18, 2012
With Congress voting last week to extend the payroll tax holiday, 160 million workers will be spared an immediate tax hike. But the move leaves them facing an even bigger hit in January, when the holiday ends and the payroll tax joins a long list of levies already set to sharply and abruptly go up.
The potential shock to the nation’s pocketbook is so enormous, congressional aides have dubbed it “Taxmageddon.” Some economists say it could push the fragile U.S. economy back into recession, particularly if automatic cuts to federal agencies, also set for January, are permitted to take effect.
Washington Post—Ezra Klein’s Wonkblog
‘Taxmageddon’ in one table
Posted by Ezra Klein at 10:23 AM ET, 03/30/2012
I call it the “dual-trigger nightmare.” Hill staff call it “taxmageddon.” Ben Bernanke calls it “the fiscal cliff.”
The Heritage Foundation
Taxmageddon: Massive Tax Increase Coming in 2013
By Curtis Dubay
April 4, 2012
If President Obama and Congress fail to act this year, an enormous, unprecedented tax increase will fall on American taxpayers starting on January 1, 2013. The Washington Post called the looming tax increase “Taxmageddon,” and Federal Reserve chairman Ben Bernanke called it a “massive fiscal cliff.”
Washington (DC) Times
Americans will be hit with a huge tax increase unless Congress acts
By Ed Feulner
Monday, April 9, 2012
Many Americans are breathing a sigh of relief as they finally manage to file their income tax returns. No need to worry about taxes again for another year, right?
Not so fast. Higher taxes are coming. And they’ll hit well before next April 15.
How bad will it be? Federal Reserve Chairman Ben S. Bernanke calls it a “massive fiscal cliff.” According to The Washington Post, the looming tax hike is “Taxmageddon.” All told, Americans will see taxes go up $494 billion, starting at the beginning of 2013. That’s less than nine months from now.
New York City • Government/Law/Politics • (0) Comments • Monday, April 09, 2012 • Permalink