There are several tax cuts that are set to expire at the end of the year. While it is not yet known whether they will be extended into tax year 2014 (and it may be months before we know for sure), now is the time to assume their demise and take advantage of them this year. […]
Tag: "Bush tax cuts"
According to the New York Times, the Tax Policy Center claims that under the 2012 Taxpayer Relief Act, the increase of the top two marginal income tax rates, for those earning $400,000 or more, makes the tax code the most progressive since 1979 (progressive means that as income increases, the tax rate per dollar of income […]
It”s less than four days away from the fiscal cliff. But unlike the recent Mayan prophecy, the cliff will really happen. Tax cuts will expire and discretionary spending will be cut automatically. And of course, we will reach the debt c eiling sooner rather than later. There are many obvious things wrong with this picture, […]
Before closing shop, Washington politicians promised they would get around to working out America’s tax situation when they returned from their campaigns. According to Donald Luskin of Trend Macrolytics LLC, the straits couldn’t be more dire: just yesterday The Wall Street Journal put forward his predictions (See “,”) Luskin seems to think we’ll be ringing in the […]
There are plenty of things I could write about from the department of “Congress Behaving Badly,” but recent news about the reluctance of Congress to vote on extending the Bush tax cuts takes the cake. (See numerous articles, including “Voting on Bush Tax Cuts Divides Democrats in Congress before Election Day,” and “Senate Will Not […]