AP’s Taylor Tries To Minimize Impact of Impending 2011 Tax Increases
One of the more egregious results of the Democrat-controlled Congress skipping town without passing a budget, thus failing to address the issue of whether scheduled income tax increases will really go into effect for everyone, the highest income-earners, or no one at all, is that the Internal Revenue Service and employers have been left in the lurch with no idea of how to prepare for next year. As I understand it, at a minimum this is the first time in a very long time that something like this has occurred, and it may be unprecedented. The issue is getting a half-decent amount of play in the business press , but as a general news item, it's going almost nowhere, even though some employers are already telling employees they will have to withhold more starting on January 1, 2011 if no action is taken in Washington. At the Associated Press's main web site, the one story about the withholding issue written by Andrew Taylor that went up early this morning plays a shady game of “Y'know, it really won't be all that bad if the increases are only in effect during the early part of next year.” See if you can detect what I'm referring to in the following excerpt: read more
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AP’s Taylor Tries To Minimize Impact of Impending 2011 Tax Increases
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on November 1, 2010. Filed under