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Temporary means forever?

March 12, 2009 - Jim Anderson

Many workers are beginning to receive a tax credit of $400 each, which was enacted under the economic stimulus package.

The money will be distributed in our paychecks, with deductions for federal income tax lowered accordingly.

A question: If this tax credit expires, will you consider that a tax increase?

Back in 2001, the Republican Congress passed, and President Bush signed, a set of temporary tax cuts scheduled to expire in 2010.

Fast forward to 2009. For those with taxable incomes above $200,000 ($250,000 for families), President Obama now proposes that tax rates revert to their pre-Bush levels. For the rest of us, Obama has proposed extending the Bush tax cuts, as well as making the new $400 credit for low- and middle-income workers permanent.

According to critics, that’s a “redistributive” tax increase.

Yes ... the nerve. Tax cuts for the wealthy that were advertised (and enacted) as temporary may expire as scheduled.

 
 

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