Without the Bush tax cuts (due to expire on December 31, 2012) we all will be paying more in taxes in 2013. How much more? As a percentage of GDP (which in 2012 totals about $16 Trillion) taxes will go up by 3.5% of GDP. In dollars, the IRS will collect about $0.56 Trillion more in taxes in 2013 than 2012. Since the total income taxes collected in 2012 is about $2.5 Trillion, effectively we will be getting an income tax boost with Obama in 2013 of about 25%, on average. This is, at minimum, the impact Obama's re-election will have on taxes. Romney's tax reform plan for 2013 is estimated to result in no tax increase, and actually a reduction in taxes, on average.
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