WASHINGTON (Reuters) - Higher federal taxes for millions of businesses and individuals will become law on Tuesday unless Congress acts to stop them. These taxes, worth $500 billion, comprise the bulk of what is known as the "fiscal cliff" problem. The following shows the probable impact on taxpayers if Congress does not act on Monday, or does not come back later and undo these tax increases, based on data from the nonpartisan Tax Policy Center. INDIVIDUAL TAXES If midnight passes with no deal, lower individual tax rates enacted in 2001 on a temporary basis under former President George W. ... Read more
No comments:
Post a Comment