Friday, October 08, 2010

A Taxing Prospect

The "Screenshot of the Week" comes from an October 7th Wall St. Journal article titled: "Delays to Tax Tables May Dent Paychecks."

Basically, even though Congress could take time to hear Steven Colbert's "testimony" on illegal workers, the whistle blew before a vote on extending tax cuts could happpen. As the article points outs, this affects MORE than just the "rich."
Treasury officials' most obvious option is the least attractive. If they publish tables based on expiration of the Bush tax cuts, which occurs Jan. 1, millions of low- and middle-income taxpayers who have paid little or no income taxes for a decade would likely see increases in January. Prof. Graetz estimates that higher withholding could take up to $10 billion a month out workers' pockets due to higher tax rates alone.

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