"Several tax cuts are slated to expire at the end of the year, which means that the lame-duck Congress will face several tough decisions come November. To hear campaigning lawmakers tell it, however, the only tax issue out there is whether to extend the Bush-era tax cuts for the rich. The debate and the work can't end there."
That's the assessment of pending tax legislation in One-Note Tax Debate, an editorial in today's New York Times.
As the opinion piece notes, Bush tax cuts and tax breaks in the 2009 Obama stimulus package are scheduled to expire at the end of 2010. If that happens, the changes will affect more than just rich folks.
That's also the premise of How expiring Bush tax cuts will affect you, an article I wrote for Bankrate earlier this week.
As that story (actually a slide show) notes, "Representatives and Senators have focused on the rich and what the tax cuts mean to them. But here at Bankrate, we thought it worthwhile to give the rest of the taxpaying public some attention. Here's a look at what folks in lower-income brackets might face if the current tax cuts disappear."
So if you're rich, then by all means be concerned about how your taxes might look in a couple of months.
But if you're not rich, you need to make sure your situation is taken into account, too.
- No votes on tax cuts until November
- OMG! What will happen to my tax bill
if the Bush tax cuts expire!?!
- Final stimulus bill now law
- The Making Work Pay credit: The federal tax break
nobody knows about
- Obama wants American Opportunity
education tax credit to be permanent
- 10 tax tips for 10/10/10
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