You're watching...  Is a Taxmageddon Coming?    WSJ Senior
Economic Writer Steve Moore argues Americans are going to face a
tax increase of $494 billion on January 1, 2013, and that this
disaster wo...      This transcript is automatically generated
Over the last decade congress -- developed a bad happen to
passing temporary tax cuts the bush tax cuts the payroll tax cut
you name but.  They -- have a hard time passing permanent tax
laws like they used to do.  So guess what's happened a very long
list of these temporary tax cuts are going to expire at the end
of this year and if congress does nothing you know they won't do
-- -- -- during.  An election year.  Our taxes are gonna go up
quite almost a half a trillion dollars in January 1 when we show
you.  First of all this kind of Big Three big groups the bush
tax cuts will expire that'll -- -- 34% of the 494.  Billion
dollar increase coming January 1 34% but will come from the bush
tax cuts expiring.  The payroll tax cuts another 45% of that
number.  Will deb