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View Diary: White House Fights Back: Boehner is "Deeply Irresponsible." (177 comments)

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  •  Word is (6+ / 0-)

    that even if we run past Dec. 31, the IRS will take its sweet time in issuing new withholding tables -- until it knows what Congress is actually going to do -- so it doesn't have to do them twice, and may not have to do them at all. I expect the payroll tax will go back up to 6.2% on Jan. 1, but that the income tax withholding won't actually change until Congress comes to an agreement.

    So your family, and the millions like it, would not see a dramatic change in take-home pay right away. That's why the "fiscal cliff" language is way overblown. It's more like a gentle slope.

    •  For practical purposes the cutoff is end of 1Q (2+ / 0-)
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      4Freedom, tikkun

      That's when the first estimated tax payments are do...

      ...and I am guessing few of the non-1% are terribly worried about that sort of thing.

      And I said a FEW of the non-1%, not all...

    •  and even if... (0+ / 0-)

      even if we go over the cliff, and the IRS gets out the new withholding tables, its all fixable retroactively. There might be a couple weeks of higher withholding (which ought to be adjustable with your payroll department, if you need it to be), once they pass the Obama Tax Cuts they can lower withholding to compensate for any higher rates paid in January.

      And really, Republicans aren't going to let themselves get caught voting against a tax cut for 98% of Americans. Even they aren't that stupid.

      "There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible." -Henry Ford

      by sixeight120bpm on Thu Nov 29, 2012 at 07:29:21 PM PST

      [ Parent ]

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