I attended a financial seminar this past week and the speaker stated emphatically that Federal income taxes will increase in 2013 for everyone. His reasoning was simple: 1) the Bush tax cut extensions and the payroll tax holiday expire at the end of 2012; 2) Congress won't pass any tax cut laws before the 2012 elections; 3) no matter who is elected, President Obama will remain President through the end of 2012, and won't extend the Bush tax cuts since he wants to increase taxes for the "rich."
His points made sense to me. So, I am going to plan on paying more taxes in 2013.
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This is not financial advice. Please consult a professional advisor.
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1 comment:
This should make the case for Romney and Republicans a lot clearer.
Just ask voters whether they are willing to pay higher taxes in order to make the rich pay more.
Talk is cheap but few people will back up their rhetoric with more taxes out of their own pockets
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