Altschuler Warns Taxpayers of Largest Tax Hikes in U.S. History

Randy Altschuler, the conservative Republican candidate for Congress (NY-1), today warned Suffolk County taxpayers to "prepare to be mugged." Altschuler was referring to the expected inaction by Congressional Democrats that will allow the 2001 and 2003 GOP tax cuts to lapse at the end of 2010. Altschuler, a successful self-made businessman, also called on Congressman Tim Bishop to "have the courage to stand-up for taxpayers everywhere and call for the renewal of this legislation."

Randy Altschuler said, "Suffolk County taxpayers should prepare to be mugged! At the end of this year the largest tax hikes in American history will take place. That's when the 2001 and 2003 GOP tax cuts are set to expire and the inaction of Tim Bishop, Nancy Pelosi and the Democrats in Congress will lead to an extra $1 trillion being lifted from the bank accounts of taxpaying American.

"Americans will see across the board hikes in every personal income tax bracket. Those individuals currently in the 10% tax bracket will see a jump to 15% and those in the 35% tax bracket will see that number jump to 39.6%. Similar jumps will take place in all other brackets.

"But that isn't all; the death tax will jump from zero to a 55% death tax rate on estates over $1 million. The capital gains tax will rise from 15% to 20% in 2011 and jump an additional 3.8% in 2013. Add on top of these, taxes linked to Obamacare and hikes on employer taxes as well as the alternative minimum tax and 2011 will be a bad year for taxpaying Americans.

"New York is already one of the highest tax states in the nation and this tax hike is sure to be the 'straw that breaks the camel's back' for many cash strapped New Yorkers. In our current economic crisis Tim Bishop should have the courage to stand up for taxpayers everywhere and call on Nancy Pelosi to renew the 2001 and 2003 GOP tax cuts."