Maybe the lawyers & accountants can help me on this, but as I understand it the "Bush tax cuts" expire in toto on Jan 1 2013. Not parts of the law but the whole thing, marriage penalty , 10% tax bracket, everything. Once that happens, won't congress then have to draft another bill keeping only those parts that "favor the middle class"?
What are the odds that a new tax cut bill will pass congress and be signed by the President in time for everyone's taxes to remain the same?
If I'm missing something here please enlighten me. Thanks in advance.
All employers (corporations, government, non-profits, etc), payroll firms, tax preparers, software makers, the IRS, and many others will spend billions of dollars getting ready for the change-over. Then the gov’t will say “Oopsey! We aren’t changing the old rates after all.” sometime in March next year.
Democrats claim that businesses are sitting on trillions of dollars of cash solely to discredit Oblamo. This is a perfect example of why it is impossible to plan your business with this kind of “leadership” in DC.