Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Staff Contacts | All Access E-Edition | Home RSS

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.


Article Comments

No comments posted for this article.

Post a Comment

You must first login before you can comment.

*Your email address:
Remember my email address.


I am looking for:
News, Blogs & Events Web