To all taxpayers out there beware of Congress, if they do nothing regarding the Bush tax cuts. You know those tax cuts that were only for the rich that cut the bottom rate from 15% to 10%. If the current administration does nothing the bottom tier of the tax rate will increase by 50%.
Yes all current people in the 10% tax bracket will have their taxes go up 50% to 15%.
This is not supposed to happen and I hope that it does not, but for the moment it is scheduled to happen January 1, 2011.
This will also effect all of those who are in the higher tax brackets as well since our taxes are of an incremental nature. This from the administration that is going to go after the wealthy only (see other posts for this topic, you probably are the rich and don’t even know it).