Sunday, September 19, 2010, PM | Leave Comment
Tax experts and other finance guys tell us Americans’ paychecks will shrink if the Congress of the United States does not act otherwise and sooner. It must act by the middle of November so the Internal Revenue Service may be able to modify and print tax tables. The ex-president George W. Bush signed and enacted the tax cuts of the previous few years, once in 2001 and then in 2003.
In the absence of the new law, the IRS will advise employers to increase the tax rates in paychecks beginning Jan. 1, 2011. If the law is passed, IRS would need at least four weeks to prepare and distribute tables used to calculate withholding taxes, and employers need time to implement them by the end of December.
Even if the new law is passed, there is a good chance the tables might not be modified in time and you might not get benefited from the continued tax cuts for one or more of your paychecks.
It seems from the outset that several of these kinds of laws are passed before the election or waited till after the election depending on what political party will be benefited the most. Who the f****** shit gives what the American people’s best interests are? This year the election falls on November 2. The Congress ain’t got much time if the elected officials care even an iota about the American public.
President Barack Obama and most Democrats are on record to want the tax cut extended for middle-income earners and to let it expire for the wealthiest Americans, the top less than 3% of earners. Republicans, on the other hand, want the cuts extended for everyone, arguing that raising taxes for any income bracket makes little sense during a recession.
I don’t think the recession has affected the 3% of earners much . On the contrary, news has it that the super rich have been generous as ever before to keep spending on themselves. They have not stopped their exuberant spending one bit. That has always been the order of the day throughout human history.
In a Nutshell
If you are rich up to your nose, you should not worry one way or another. You have amassed huge sum of cash and assets. It’s us the average families that are watching the acts of Congress, one way or another.