"WASHINGTON — The economy could relapse into a recession if President Obama and Congress remain at an impasse and allow several big tax increases and spending cuts to take effect at the start of 2013, the Congressional Budget Office reported on Tuesday."
'via Blog this'
"¶ The Bush-era tax rates will expire on Dec. 31. Republicans want to make them permanent, which would reduce tax receipts by more than $1 trillion over a decade, while Mr. Obama and Congressional Democrats insist that for the wealthiest taxpayers the rates should return to the higher levels of the Clinton era.
¶ Millions of middle-income taxpayers will have to pay the alternative minimum tax — which was intended only for the richest Americans — when they file their returns next year.
¶ A temporary two percentage point cut in Americans’ payroll taxes, effective in 2011 and 2012, will end on Dec. 31.
¶ Automatic cuts of $1.2 trillion will be made, half in domestic programs and half in the military, because the president and Congress did not agree to a 10-year deficit cutting package last year.
¶ Reimbursements to doctors who treat Medicare patients will be cut significantly, taxes will increase for wealthy taxpayers to help pay for health insurance for more Americans and temporary business tax cuts, part of stimulus measures, will expire."
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