The first $2400. is unemployment benefits being not taxable-is this one of the extenders and up in the air at this point?
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These were not part of the "Bush Tax Cuts for the Wealthy" (like the zero percent tax on Capital Gains for people in the 10% & 15% Tax brackets and the increase in the specific deduction for AMT), so these are not specifically part of the "extenders" that expired.
However, who knows what the idiots in Congress will do? (Rhetorical Question).
Everything is up for grabs this year and the wheeling and dealing has only just begun.
Today, all Unemployment is taxable for 2010.Doug -
"Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself..." Mark Twain - 1891"The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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It expired on 12/31/09. I think last year was the first year the unemployment exclusion, so I don't think it is a part of the "Bush" tax cuts.
But this is only a guess, and who knows what congress will do. I bet out tax programs, and The Tax Book are really wanting to know, probably more than we do.
Congress wants to go home for Christmas, so I hope something gets decided soon.Comment
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Just think, if they extend them & the President signs, we can begin calling them the "Bush-Obama Tax Cuts".
I like that. It has a bipartisan ring to it and the rare distinction of a Democrat's name being associated with tax cuts rather than tax increases. Nice paradox."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Whose Deficit is It?
When the rest of the world cancels our credit card, then whose trillions of deficit (debt) will it be called? Bush's deficit? Obama's deficit? All the American people's deficit?Comment
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All the American people's deficit, because we just keep electing spendthrifts who use the national treasury to buy votes."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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They're here to help
We were walking to our car after my son's basketball game Saturday night, and noticed a car with government (TN) tags. My daughter (19) said, "Hey, they're from the government."
Then, we all said in unison (Sarcasm font): "And they're here to help."
When a 19 year-old recognizes a problem, you REALLY know you have a problem.If you loan someone $20 and never see them again, it was probably worth it.Comment
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How it Happens
Otis, yesterday's "great compromise" is a classic study in exactly how this deficit occurs and why neither party cares. Details of the great compromise without partisan politics:
Republicans didn't want to extend Unemployment because they claimed to be concerned about the deficit, but DID want the low Bush rates to be renewed for the wealthy in spite of the deficit. Democrats didn't want Bush tax cuts for the wealthy because they claimed to be concerned about the deficit, but DID want Unemployment benefits extended in spite of the deficit.
So what did they do? The great compromise meant they all agreed Unemployment would be extended and agreed tax cuts for the wealthy be extended. And no plan to pay for either program. Get ready to open your wallet once again, China. This is a very typical textbook case study of how the deficit happens.Comment
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you hit it
out of the park with this one!
WHY is so hard for "pols" to see what nearly EVERYONE else CAN see?
oh thats right they're POLITICIANS!Comment
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because all they care about is votes and how it plays up to the (mostly) uninformed in the news. If you can call the diatribe that passes for news these days 'news'. How can it be spun. And those of us that can decifer what is really happening can only squirm and headdesk as yet another bunch of crap sails through.Comment
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"A man that holds a cat by the tail learns something he can learn no other way." - Mark TwainComment
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