Which taxes are involved? All of them.

“. . . let's be clear about exactly what the threat is, though we have explained it here before. Going into effect on January 1 are increases in the tax rates for virtually every major federal tax. That is primarily because the tax increases of Obamacare go into effect, and the Bush tax cuts expire, which President Obama refuses to renew for the nation's job creators, investors, and successful small businesses (the English translation of "the rich").

As a result, the top two federal income tax rates will jump by nearly 20%, the capital gains tax rate will soar by nearly 60%, the income tax rate on dividends will nearly triple, the Medicare payroll tax rate will explode by 62% for these disfavored taxpayers, and the death tax will rise from the grave with a 50% rate increase.

That is all on top of the corporate income tax, now featuring a top marginal rate of nearly 40% on average, counting state income taxes. That is now the highest in the world under President Obama, except for the socialist one party state of Cameroon. Even Communist China and Vladimir Putin's Russia have lower marginal corporate income tax rates, as do the social welfare states of the European Union, mostly at 25% or less.”

And there’s more. . .

Elections have consequences, and so does postponing tough decisions while leading from behind.