Like any other U.S. taxpayer, when I heard that our taxes were going to be raised soon, I went into an absolute funk!
Waiting with baited breath on what went down in the discussions today, it turns out that Barack Obama ended the Fiscal Cliff discussions today, asking that taxes would be raised on individuals who make more than $400,000 (phewwww, missed that one!) and on households making over $450,000 per year.
Dressed in his dark suit, crisp white shirt and fashionable blue and white spotted necktie (the spots to bring in prosperity and luck for the New Year?), the stylish and charismatic 51-year-old U.S. President, who reportedly rates high among single women (sorry FLOTUS Michelle, but facts are facts!), delivered his remarks at the Eisenhower Executive Office Building, located next to the White House on this historic last day of December 31, 2012 in Washington, DC.
President Obama said that a “potential agreement would ensure taxes don't go up on middle class families, extend tax credits on clean energy firms, unemployed and those with children.”
Other democrats are saying that realistically, those who make somewhere between $250,000 and $400,000 will be the focus of this tax hike.
Republicans, on the other hand, who have retained control of the House of Representatives after the November elections, maintain that only those households who earn more than $1million should be taxed at the higher rate.
The new tax rates are a result of the expiration of 2003 tax breaks instituted by George W Bush, which expires today December 31, 2012.
The new rates will also go into effect immediately. Whatever they decide on by end of day today will be implemented into tax law on January 1. Happy New Year to us all!