It’s true.
If Congress and the President do nothing, everyone’s personal tax rates will go up on January 1, 2011. There’s quite a debate in Congress about this right now, with the usual bickering and name-calling that we pay our beloved politicians to engage in.
This is because the so-called “Bush Tax Cuts” are going to expire on 12/31/10 and unless Washington passes a law to extend the current tax rates, they will revert to the higher rates in existence prior to the rates passed when Bush was in office.
What do you think Washington should do?
Let the world know by posting comments below.
And if you want to learn more about this situation, here are some fascinating articles that go into more detail . . .
From the Wall Street Journal . . .
There’s a Tax War in Congress and what you should do now . . .
http://online.wsj.com/article/SB10001424052748704644404575481903960961386.html?mod=WSJ_Taxes_Taxes_2
Here’s a Republican view . . .
http://politics.usnews.com/opinion/articles/2010/09/13/chuck-grassley-tax-increases-would-cause-more-unemployment.html
And here’s what a Democrat has to say. . .
http://politics.usnews.com/opinion/articles/2010/09/13/sander-levin-dont-extend-bush-tax-cuts-for-the-rich.html
And even Oprah has something to say about taxes this week . . .
http://www.tmz.com/2010/09/17/oprah-winfrey-australia-giveaway-audience-gift-all-expenses-paid-no-catch-no-taxes-no-strings-attached/