2012 will be remembered as the year of the income tax. By the end of the year, the largest and most comprehensive tax increase in American history gets unleashed on unprepared wealthy Americans. Higher income taxes, higher capital gains taxes, higher death taxes, and the list goes on and on. Not wealthy? Don't think you'll be affected? Guess again! You may not consider yourself wealthy but your government surely does. 

Unfortunately, the Cuts must be extended by a vote. If the Left is successful with their efforts, January 1, 2011 will be remembered like September 11th or December 7th by many Americans. On this day, the largest and most comprehensive tax increase in American history gets unleashed on unprepared wealthy Americans. Higher income taxes, higher capital gains taxes, higher death taxes, and the list goes on and on. 

At $1.4 million and earning $150,000 a year you are the primary target for taxation. Let's not forget that you have a 'no tax' pledge from the Obama administration that will prevent you from paying additional taxes unless you make over $250,000. Sorry about that, you pay. You're rich. You can afford it. Your nation needs you to pay more taxes now that we are in the Great Recession, have the largest deficit in the post war era, have fewer taxpaying citizens due to real unemployment of around 16.8%, have a war to pay for, have more government employees to pay for and on and on and on!  

So you might not consider yourself wealthy, but you are about to shoulder the greatest economic tax burden of any generation since World War II. The bottom line:   Educate yourself; stay abreast of changes;  get prepared; make some decisions for today and make some decisions for tomorrow;