bush tax cuts - when expire

[bobbee25]

When do the Bush tax cuts expire ? Are they still in effect for the 2010 tax year, payed in April of 2011 ?

 

[Maurice]

IIRC they expire Dec 31st, 2010.

Personally, however, I wouldn't count on the 15% cap gains tax surviving through 2010. It may, but to be on the safe side I'm 'harvesting' gains this year in a few areas. Again that's just my personal opinion.

 

[bobbee25]

So whatever basic income I make in 2010 will be taxed under the Bush tax cuts ?

 

[audreyh1]

Yes. Unless Congress makes any changes to them during 2010, which seems unlikely, but you never know.

 

[FUEGO]

Those married couples with kids out there, brace for a major tax increase in 2011. The marriage penalty comes back and the child tax credit gets cut in half, among other things.

 

[REWahoo]

NOTE: This topic moved from a discussion of the impact of expiring tax cuts into partisan political comments resulting in the deletion of a number of posts. Further political comments will result in the closing of this thread.

 

[M Paquette]

I figured out how to beat the end of the tax cuts.

I'm not going to have any income!

 

[harley]

NOTE: This topic moved from a discussion of the impact of expiring tax cuts into partisan political comments resulting in the deletion of a number of posts. Further political comments will result in the closing of this thread.

Man! I always miss the good stuff.

 

[FUEGO]

I figured out how to beat the end of the tax cuts.

I'm not going to have any income!

I think we are all working toward that goal! I figure it is a lofty goal since the government seems dead set on incentivizing this activity (or rather a lack of activity). (Hope that's not too political)

 

[teejayevans]

I think we are all working toward that goal! I figure it is a lofty goal since the government seems dead set on incentivizing this activity (or rather a lack of activity). (Hope that's not too political)

On that subject, I've heard the lack of income limits for Roth transfers in 2010 doesn't expire.
Tom

 

[harley]

I think we are all working toward that goal! I figure it is a lofty goal since the government seems dead set on incentivizing this activity (or rather a lack of activity). (Hope that's not too political)

I'm not sure how that can be too political, since it's the same whichever party is in charge.

 

[HFWR]

I think we are all working toward that goal! I figure it is a lofty goal since the government seems dead set on incentivizing this activity (or rather a lack of activity). (Hope that's not too political)

I'm not sure how that can be too political, since it's the same whichever party is in charge.

Though I agree with that sentiment in theory, I've spent most of my "career" as an hourly-wage rat, and I can assure you that for all the talk of Uncle Sam taking most of it, the worker bees still line up for overtime...

 

[FUEGO]

Though I agree with that sentiment in theory, I've spent most of my "career" as an hourly-wage rat, and I can assure you that for all the talk of Uncle Sam taking most of it, the worker bees still line up for overtime...

I'm the same way. Especially if an employer were to offer time and a half or 2x pay for weekend work. But above a certain point, I wouldn't work particularly hard to make more money. I'm still in the 15% bracket, so the take home from marginal increases in work translates into a significant amount more money in my pocket.