I don't know if or when the middle class tax cut will pass.? President Obama wants to extend the current tax rate environment for singles that make less than $200,000 and families earning under $250,000. It's being called a tax-cut because, absent Congressional legislation, rates will rise on the middle class and wealthy on January 1, 2011.? Currently, the legislation is being held up because members of both parties believe it should be tied to other things, most notably an extension of the current rate environment to all taxpayers including the upper income contingent.? Not surprisingly, there is no consensus and it will interesting to see how it plays out.
My question - how will it affect your retirement planning? In other words, will a tax cut allow you to save more? Will the failure of rates to rise help you save more? After all, if rates do go up, one could expect to save less.
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