According to SmartMoney.com the so-called Bush tax cuts are scheduled to expire at the end of the year. This could affect every tax payer.
Higher Tax Rates for All!
- The current tax rates and the new tax rates if congress does not act.
Current tax rates:
- 10%, 15%, 25%, 28%, 33%, and 35%
If congress lets the tax rates expire the rates will go up to:
- 15%, 28%, 31%, 36%, and 39%
This will affect every one getting a W-2
In addition you may expect the following:
- Higher Capital Gains and Dividends Taxes for all
- Return of the Marriage Penalty (less deductions)
- Return of Phase-Out rule for Itemized deduction
- Return of phase out Rule for Personal Exemptions
The Bottom line is according to SmartMoney.com – “The Bush tax cuts don’t just offer tax relief to the wealthiest of Americans. They offer it to just about anyone who pays federal income taxes. Their schedule demise next year will raise the tax bill of nearly every tax payer, unless Congress makes changes and the president jumps of board”.
I could go on but I find this too depressing. The Government is planning to take more from everyone including you.
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