Not sure what this is? Are they going to lower our income tax rates by this amount? Can anybody explain this?
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Compromise
I believe you are referring to the compromise between the President and Republicans over the expiring "Bush Tax Cuts". Part of the proposal is a 2% reduction of the employee's SS tax rate for the 2011 year. I read this is designed to take the place of the Making Work Pay Credit.
Of course, all this would have to be passed by both the House and Senate before going into effect. -
That is my understanding also. Don't hold your breath?????????????????????This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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'Don't hold your breath"...
That's the same thing I told my wife this morning when she heard something about it on the radio and asked me.
She replied that she will ask her hairstylist this afternoon and let me know what she says, just so I can be better informed about the matter."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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I thought the reduction was on the employer's side?Comment
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Nope, it's only on the employee's tax rate, at least so far that's the plan. Subject to further negotiations, compromise, posturing, bipartisan bul*#% uh, well, you get the idea.Originally posted by MAMalody View Post"A man that holds a cat by the tail learns something he can learn no other way." - Mark TwainComment
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I'd love to know the stylist's source....Originally posted by JohnH View PostBelieve nothing you have not personally researched and verified.Comment
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I don't know her source(s), but she is a highly-trained professional."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Payroll tax decrease
As I read it, I would get a payroll tax decrease if my AGI was at a fairly low level. But if I have a small amount of "earned income" accompanied by interest, dividends, IRA withdrawals and social security which raises my AGI, I get nothing.Comment
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I thought that any employee's share of Social Security tax simply is proposed to be lowered from 6.2% to 4.2%. I guess there would have to be a similar reduction in self-employment tax.Originally posted by taxxcpa View PostComment
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Ask your wife to ask her hairstylist what the 2011 tax rates are going to be, and if all the extender bills are going to pass.Originally posted by JohnH View PostComment
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The Employer side reduction has to do with the New Hire program; the proposed reduction has to do with Employee.Originally posted by MAMalody View Post
Just what you younger workers need,,,,, cut back on SS funding.Last edited by BOB W; 12-12-2010, 10:11 AM.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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What about self-employed?
If employees will be paying 2% less for SS, will the 15.3% SE tax be reduced by 2%? It would seem logical but haven't seen anything about in news articles.Comment
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Self Employed = Red-Headed Step ChildrenComment
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Her next appointment isn't until after the first of the year. Sorry..."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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