Dee Perez-Scott: Taxmageddon in your Face-

scottFinancial D-Day is Upon Us!

What some financial experts have called "Taxmageddon" is now in our face!

But in the probable words of Barack Obama: "Happy New Year!"

New Year's Day is when many tax cuts, tax breaks, and tax benefits are ready to end. This "financial holocaust" has the potential of being so destructive; it could send the recovering economy back into a full-blown recession.

According to CBN News: "A tax increase so massive is headed America's way January 1, some congressional aides are calling it "Taxmageddon." Federal Reserve Chairman Ben Bernanke warns these tax hikes, along with simultaneous spending cuts, could lead to major problems for the weak economy. ‘There's going to be a massive fiscal cliff of large spending cuts and tax increases,' the Fed chief recently told a congressional panel."

Here is the reality of the Barack Obama "Happy New Year"---

ONE-HALF TRILLIAN DOLLARS OF TAX INCREASES ARE SCHEDULED TO HIT YOU ON JANUARY 1, 2013!

Heritage Foundation's Curtis Dubat reports: "It's $500 billion of higher taxes just in 2013 alone!"

"A tax hike of that size for just one year is simply unprecedented. It's going to take an enormous chunk of the economy out of the hands of the businesses and people and families that earned the income and give it to Congress to spend."

On January 1, 2013, here is what will happen:

• The Bush-era tax cuts will expire!
• The fix of the marriage penalty will stop, meaning many married couples will all of a sudden have to pay MORE taxes
• Social security payroll tax, now at 4.2 percent, will be reinstated to 6.2 percent
• The Alternative Minimum Tax will be reestablished , which means many more middle-income Americans will get treated like the wealthy in the eyes of the IRS and taxed much more
• Parents who were writing off $1,000 in taxes for each of their children, will now only be allowed to write off $500