Here’s how much your taxes are going up next year

DEATH AND TAXES, ESPECIALLY TAXES: It’s obvious to almost everybody that taxes are going up. How much are they going up, and who’s going to pay what? We have no idea. Fortunately, Greg Kyte over at Going Concern knows. Here’s the relevant excerpt from his piece–it’s a great read and I recommend you read the whole thing:

• Income tax rates will bounce back to their 2001 levels. The lowest bracket will jump from 10% up to 15%. The highest bracket will jump from 35% up to 39.6%. Everyone should expect about a 3 percentage point increase.
• Employee-paid FICA (social security), will go back up to 6.2 percent. It’s been at 4.2 percent for the past two years. It’ll feel like the government’s giving you a big “FICA you!”
• Capital gains rates will bounce up, too. For the vast majority of taxpayers, capital gains tax rates will increase from 15% to 20%. If you make less than $8,700, capital gains rates will go from 0% to 15%, so homeless people should liquidate their appreciated assets immediately.
• The child tax credit is $1,000 per kid in 2012, but it will only be $500 per kid in 2013. The child tax credit is one way many taxpayers are able to write off their “gambling losses.”
• The standard deduction for married couples (married filing jointly) will go down, so stop dragging your feet and get that divorce, you know, for tax purposes.
• Right now qualified dividends are taxed at capital gains rates (maximum 15%). After the fiscal cliff they’ll be taxed at ordinary income tax rates (maximum 39.6%). Taxpayers are pissed because most of them don’t get any dividends.
• The child and dependent care credit will go down by as much as $1,200 depending on your situation.
• People who die in 2012 will get hit with a 35% estate tax on net worth in excess of $5.12 million. People who die in 2013 will get hit with a 55% estate tax on net worth in excess of $1 million. Because of this, financial planners are getting swamped with estate tax questions like, “Will you unplug that cord for me?” and, “Please step on this oxygen tube.”

(H/T: The Reformed Broker via The Big Picture)

MR PICKLES WAS UNAVAILABLE FOR COMMENT: I just discovered this post from Debt Roundup, who wonders when banks stopped accepting coins. I can’t help but wonder: did the Great U.S. Mint Frequent Flyer Mile Giveaway have anything to do with this? If you don’t know what I’m referring to, and you don’t know who Mr. Pickles is, let the Wall Street Journal fill you in on a very special episode in personal finance history.