After a week of uncertainty in Washington, Congress approved the extension of the payroll tax cut bill this morning, which if not passed, would impact 160 million taxpayers beginning January 1. Find out more here.
House of Representatives passes the payroll tax bill. The bill extends the 2 point reduction (6.2% to 4.2%) in Social Security taxes that workers pay through 2012, but there are additional tax and non-tax related laws added to the bill. Find out more.
President Obama has signed into law a sweeping tax bill that gives taxpayers some closure and certainty about their tax situation, at least for the next 2 years. The tax bill benefits a broad range of taxpayers by extending the current tax rates for the next two years, reinstating some expiring tax breaks, and offering longer-term help for the jobless.
While there’s nothing unusual about the leaves changing colors this time of year, what is unusual is the unprecedented number of unresolved tax law changes this late in the season. Let’s take a look at what that means to you and your tax refund.
Congress can decide to extend former President Bush’s tax cuts, follow the changes proposed by President Obama, or let the tax cuts expire without any action. The question is who will pay more taxes?
