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if you think you're paying a lot now, wait until next year, taxes are going up just not for the rich. with a primer on the increases, tax dean, columnist and editor dan ettinger and assistant editor, james freeman and senior economics writer steve moore. steve, aim going to start with you. which taxes are going up january 1st and who pays them? >> well, hey, stuart i have to confess i'm a procrastinator, i haven't done my taxes yet. if you think it's worse this year, you're right, it's worse next year, the bush tax cuts expire and perhaps the dividend tax, doubling or tripling of the...

If you think you're paying a lot now, wait until next year, taxes are going up just not for the rich. with a primer on the increases, tax dean, columnist and editor dan ettinger and assistant editor, james freeman and senior economics writer steve moore. steve, aim going to start with you. which taxes are going up january 1st and who pays them? >> well, hey, stuart i have to confess i'm a procrastinator, i haven't done my taxes yet. if you think it's worse this year, you're right, it's worse next year, the bush tax cuts expire and perhaps the dividend tax, doubling or tripling of the tax and h...

Register and the next time you buy your new ipad, stuart, it means that rather than paying $700, it's going to cost nearly $800. these are big increases in costs to the middle class at a time they're having a tough time paying their bills already. >> here is the latest scenario, the deficit reduction commission recommends a sales action, a value-added tax, but it still has to go to a vote in the congress. dan, james, you don't think it would pass in the congress? no? >> no, i mean, you know, here we are like i said, still over 9% unemployment. i mean, where is the job creation? we're not seein...

Ground zero, you're right. in los angeles and all over the country are really facing this crisis. you've got a situation right now where many of the public employees who are retired are collecting 70, 80, $90,000 a year checks and some are getting over $100,000 and it's not fair, stuart, for 50 to $60,000 a year construction workers or people working in the private sector who are earning much less who are having to pay these massive pensions for people who aren't even working any longer. >> stuart: by the way, dan, there are 3000 retired teachers in california, each of whom makes over $100,000...

Lot of talk about a value added tax on top of all of that. >> yeah, well, the taxes you mention steve, are they going to bring in the required amount of revenue to the treasury? >> of course not. as you know, stuart, there's something called a laugher curve and that's true with the investment taxes and i think it's a mistake to be raising taxes on stocks and investments at the very time we need businesses to be doing more investment and a lot of economists think a good year in 2010, but once the new taxes kick in in 2011 might cause a double dip recession. >> dan. >> we didn't talk about the t...