Skip to comments.Payroll departments brace for congressional verdict on tax cuts
Posted on 09/27/2010 8:41:41 PM PDT by Hillarys Gate Cult
The decision by Senate Democratic leaders to delay a vote on the Bush-era tax cuts until after the election has put the payroll industry on high alert.
If Democratic leaders fail to determine the tax rates by Dec. 10, it could be too late for payroll administrators to withhold the right amount of tax from workers paychecks, according to industry officials.
The closer you get to the end of the year the more problems therell be, Michael OToole, senior director of publications and government relations at the American Payroll Association (APA), told The Hill.
If [the IRS] issues [withholding tables] within three weeks before the end of the year, most payroll systems will be able to implement them by Jan. 1, OToole said. Were warning [payroll departments] that there is this uncertainty out there and youre going to really have to pay attention and probably have to move on a dime when there is some certainty.
(Excerpt) Read more at thehill.com ...
If they make my taxes go up, I WILL find a way to make up the difference, and it WILL come our of THEIR asses(not mine).
Another fustercluck waiting to happen. Good grief.
I heard a ‘progressive’ say that if taxes go up it will be Buah’s fault because he couldn’t make them permanent.
When does that “you must file a 1099 form for ever good or service over $600” nonsense go into effect?
The Rats were NEVER going to extend the tax cuts. It was all a political ploy to try to get Boehner to oppose them because they didn’t give cuts to everyone. When that failed they resorted tho the usual, scaring seniors and calling Republicans racists.
This is rather unnerving. I hope that something gets made right after the election.
And they wonder why those businesses are sitting on their cash reserves instead of investing.
Remember what Clinton did in 1993? He changed the established income tax rates AFTER the 1992 tax year ended because the deficit he inherited from President Bush (41) was much higher than he was told it was going to be during the 1992 election cycle.
Democratic President in 1993 claiming the higher deficit was the result of President Bush (41).
Democratic President in 2009 claiming that the higher deficit was the result of President Bush (43).
So, if we end up with a democratic president in 2025 who will he blame for the higher deficit since there will not be a President Bush (45)?
I heard a progressive say that if taxes go up it will be Buahs fault because he couldnt make them permanent.
That’s how they rationalize—they aren’t rational.
I heard a liberal wonder why 0bama hadn’t gotten gas prices down to $2.00/gal yet.
No, they are expecting businesses to sit on their cash reserves. Their plan has been to maximize uncertainty so that companies will hold off on investing. That way, their government will be able to loot those funds directly instead of having those businesses waste them by investing them to make an evil profit. Right now, the Obama Administration and their fascist allies in the House and Senate are plotting a way to go after that capital as well as the long term assets of insurance companies and the private retirement investments of the American worker (e.g. 401(k) accounts).
The problem is the uncertainty. Businesses don’t know what’s going to happen next, so they aren’t investing or expanding, just laying low until the storm passes. Since business won’t invest, cash reserves go up.
The last time this happened was during the Great Depression. FDR railed against the Evil Corporations for hoarding cash. The end result was the Undistributed Profits Tax (UPT) of 1936.
FDR recognized it was a mistake and repealed it in 1938.
Prediction: Some Dems will start proposing the UPT (or something like it) soon.
Who doesn’t keep a close watch on their pay these days?
Only those who are certain of it...Congress...
Actually, I think the ‘Rats don’t have the votes because there would be too many jumping the progressive ship right now.
There is a green jobs boom?
I must have missed that report...
Now add looming trade wars and you’ve got the GD down pat.