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Tax Tips

Bush Tax Cuts Extended

Looks like that will be the case .. and Obama added a bit extra with the cut in the FICA rate of 2% .. for someone making $20K that is $400 extra to spend .. 30K, $600 ... at about $100K this disappears so it is a progressive tax.

the bad part of this, is that benefits will not change so we are looking at the same benefits, but less money to pay for them.

One thing this might show is just how good the Laffer curve is.. in theory, this tax cut should produce more jobs and the money that the newly employed make will generate more taxes than given up.

Very hard to quantify this, but this is no time for a tax increase and I am happy that Obama recognized this.

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