The Proposed 2013 Tax Changes

The Proposed 2013 Tax Changes Are Only Weeks Away

(SXXW28G5BWN3) The powers that be are still trying to work out how they can forestall the fiscal cliff but everyone should be prepared for the consequences.

English: President Barack Obama speaks to a jo...

English: President Barack Obama speaks to a joint session of Congress regarding health care reform (Photo credit: Wikipedia)

The Congress and President Obama are wondering how they can ward off the impending fiscal cliff, in a matter of days the tax cuts that were implemented by Bush will come to an end and spending will be slashed as the year comes to an end, no one knows what this round of cuts will bring.

J.D. Foster a senior fellow at the Heritage Foundation feels that the proposed changes will affect everyone, income tax rates will rise, payroll tax will shoot up and capital gains and dividend taxes will be higher. The proposed changes are going to have an impact on child tax credit too; so many families are going to be badly hit.

Taxation experts feel that the proposed tax changes could be delayed if the powers that be do not come to an agreement in the next month. Under normal circumstances tax filing starts at the beginning of the year but as things stand the IRS and tax-prep companies cannot complete tax forms.

This has an impact on employers who may need to make adjustments to payroll taxes when the proposed 2013 tax changes are implemented. In short this could mean that tax preparers will struggle to be ready in time. The government will find that their revenue is delayed and taxpayers may find that refunds are paid out far later.


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