Tuesday/ death and taxes

.. are the only two things to be sure of in life, right?  Yes, but how much taxes will we pay in 2012?  Seems the Republicans are in a corner, at first opposing the proposed extension of 2011’s Payroll Tax Cut through 2012, and now supporting it – but demanding that federal employees’ pay be frozen for three more years.   This is news from Wed Nov 30 .. the Democrats’ $265 billion proposal would be offset by a permanent 3.25 percent surtax on annual income exceeding $1 million.     So we should see by year-end where we end up, but most economists agree it makes sense to extend the 2011 Payroll Tax Cut.  It amounts to some $1,000 on a $50,000 individual salary, and businesses big and small, benefit from it as well.

Leave a Reply

Your email address will not be published. Required fields are marked *