Happy New Year’s, or Happy Tax Collector’s Day?

By Rebekah Rast
Americans might be celebrating New Year’s a little differently this year.

Unless Congress is able to compromise on big-ticket items like the expiring 2001 and 2003 tax cuts before Dec. 31, 2010, New Year’s resolutions will consist of more ways Americans can save money due to the tax increases.

So far the lame-duck session has done nothing to relieve the anxieties of individuals and businesses as to what they can expect for next year’s tax rates.

Since nothing has yet to be done, discussion on this issue is now postponed until after the Thanksgiving break. That gives Congress about a month to decide on these tax cuts before they expire come Jan. 1, 2011.
Both sides the aisle say they don’t want taxes raised for the middle-income class. But what about the wealthy, those individuals making more than $200,000 a year and those couples making more than $250,000 a year?

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