that will be negative $8.50 after the tax cuts are not renewed
I think the tax cuts are still good for 2008 income. In December, I'll reconfigure my 401k contributions to my max allowable to reduce my AGI when the higher rates kick in. If that isn't enough, I may have to ask my company to let me participate in the "income deferral" program. My pay gets booked, but not paid until some time in the future. The risk is that the company might fail before the money gets paid out AND that money isn't earning any interest as it sits as a booked entry.