A few things you may have missed this weekend while Michael Phelps reminded the world that the path to Olympic gold is not paved with Subway foot-longs and bong rips.
The squabbling in Congress over future tax rates has left Christopher Bergin at Tax.com mad as hell, and he’s not going to take it anymore.
I’ll probably have a more detailed post on this soon, but the Tax Policy Center has published another outstanding analysis, this time assigning a price tag to the Democratic and Republican proposals for addressing the soon-to-expire Bush tax cuts that emerged from the Senate last week.
Senate bill 3412 (Democratic plan that allows Bush tax cuts to expire for those earning > $250,000, assumes a one year patch of AMT exemption, 45% estate tax, and $3.5M estate tax exemption):
Total cost: $367,000,000,000
Senate Bill 3413 (Republican bill that extends the Bush tax cuts for all taxpayers, patches the AMT, and leaves estate tax at 35% and exemption at $5.1M):
Total cost: $405,000,000,000
Meanwhile, regardless of what happens to the Bush tax cuts, here’s one thing we can count on: With the employees’ share of payroll taxes slated to return to 6.2% in 2013, we’re ALL staring at an additional tax liability of up to $2,200 next year.