The big conversation right now in the political sphere is whether there should be a tax cut for the middle class or a tax cut for everyone including those filthy rich people. Let's get something straight. No one is cutting your taxes. While Obama would like you to believe that he is working to do that, he ain't Remember, this argument is about whether Congress should let the Bush tax rate cuts from 2001 and 2003 expire on January 1st. If they come to an agreement and vote to extend these tax cuts, tax rates will remain the same and your pay check in January ain't going to be any different than what it was in December - at least as it pertains to taxes. Your taxes won't be less. Now if they can't get their act together and vote to extend these tax rate cuts, that's a different story - regardless of how much you make. Despite whatever fertilizer Obama is pedaling, the expiration of the tax rate cuts is going to affect everyone 'cause these tax rate cuts are not just for income taxes. It will affect the tax code across the board. So unless you use the Charlie Rangel and Tim Geithner tax tables, you will be paying more. (Oh - and it ain't the Republicans that are holding this up - Obama can't even get his own Democrats in Congress on board to increase taxes during this recession)
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