Taxmageddon : noun : [taks-muh-ged-n]
Definition: A spike in taxes on nearly all Americans.
So I'm not really a fan of throwing out political narrative on this here word blog, but 'taxmageddon' was too good of a word to pass up, so I suppose it deserves at least a little explanation. The idea is that if congress (already lame duck) and President Obama (possibly name duck-to-be) don't pass new tax legislation by the end of the year, something like 88% of American households will get hit by an immediate increase in taxes. This goes for everyone, from the lowest possible bracket to the rich of the rich. This means that in the lowest bracket the hike will be something like $400 extra next year, the average household will pay more or less $3,500 more, and those that make the low six-digits annually will tack on upwards of $6,000. And as for the rich? The top 1% will pay another $120,000+ next year while the top 0.1% will pay around $630,000 more. And in case you're interested, all of those numbers come from The Fiscal Times. And yes, with taxes like that we could like enter Recession 2.0. I think taxmageddon is an accurate of describing the situation.