This headline question seems a little silly to most of us, doesn’t it? Who is ever “happy” about any taxes — unless they are going down, which is very rare.
Do you know what President Barack Obama plans to do about our taxes — and very soon?
We are asking now because this year — 2012 — our tax rates are headed for a change.
Six tax brackets have been in effect for Americans since 2003. They range from 10 percent to 35 percent.
The Tax Relief Act of 2010 temporarily extended those tax rates through the end of 2012.
But what’s next?
The tax rates for 2013 are set to change — automatically — to the pre-2003 rates unless new legislation is passed by Congress and signed by the president!
Do you know what President Obama and a majority of the members of Congress have in mind?
Unless new legislation is approved, the current 10 percent tax rate is scheduled to become 15 percent. The 25 percent tax rate will become 28 percent. The 28 percent tax rate will become 31 percent. The 33 percent tax rate will become 36 percent. And the 35 percent tax rate will become 39.6 percent — automatically!
Have you seen or heard any indication that Congress and the president will “do something” in time to avoid imposing higher taxes upon us?
Obama said in a radio address last Saturday: “We don’t envy success in this country. We aspire to it. But we also believe that anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead — not just a few.”
Did that sound to you like a suggestion that he is planning to do anything to avoid the scheduled “automatic” tax increases? Or did it suggest he plans to let higher taxes automatically take effect?
Few of us taxpayers may be aware of the immediate prospect of higher taxes. Most people certainly don’t want higher taxes. But in no case should we let the possibility of higher taxes “slip up on us” and take effect without warning.
So shouldn’t we, the taxpayers, immediately and urgently insist that our representatives and senators in Congress speak up clearly — now — and not surprise us with “automatic” higher taxes?
Aren’t specific explanations and decisions due — now?