So, the way I understand it, is that if something isn't done soon (in congress?), there could be an increase in taxes on anyone making less than $250k. This would be retroactive for 2010, which means that you'll probably have to hand over a check to Uncle come tax time because you didn't have enough deducted from your paychecks during the year. Maybe you should contact your HR person now, and have them change your tax status to "single" with zero allowances/dependants, and maybe have an additional amount of money come out to ease the burden.

So what's going on other than Obama sticking up for (or sticking it to) the middleclass?

Not quite right bro. The 'Bush' tax cuts expire or 'sunset' as of December 31, 2010 and they are NOT retroactive. If congress doesn not extend the cuts, the most well known of the cuts (Qualified dividend rate of 15% and long term capital gains rate of 0-15% revert back to ordinary income rate and 28%, respectively). There are other tax implications, but those are the most well known.

Does anyone remember when Idi Amin Jr. promised that taxes wouldn't go up on people making less than 250K annually?





Suckers...

hey, taxes going up are a CHANGE, right?


cast your votes carefully in November.


:^o

'Change'

...as in, that's all were gonna have left in our pockets by the time 2012 rolls around.

Maybe they'll lower taxes?!

Ex-post facto laws and taxes are unconstitutional. So, no retroactively.
For ten years now, everyone should have known capital gains taxes were scheduled to sunset and should have planned for the possibility.

....and "planned for the possibility" means spending less money as a consumer, driving down the economy, and causing recessionary behavior. I mean...all that would assume that the tax cuts weren't just for the rich. Fortunately we are not already in a recession and we know the government will use the new revenue wisely.

On an unrelated note, why aren't businesses hiring and creating new jobs?

You are right. Investors would ahve had to have been even more careful and probably would have paid/invested less due to future uncertainty regarding capital gains taxes. Perhaps that would have even lessened thie depth of this recession.

As to your question: They simply don't need to! :-(

Wait until the 10% bracket goes to 15%. They'll never see it coming until the cash register at Walmart doesn't ring up as much.

I pay the bastards more than I should...

If they raise Taxes I'm gonna demand my parents release the whole Trust Fund early...

Then I'll only pay 15-20%