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Employers In US Start Bracing For Higher Tax Withholding

The Prof

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Employers in U.S. Start Bracing for Higher Tax Withholding - Bloomberg

Employers in the U.S. are starting to warn their workers to prepare for slimmer paychecks if Congress fails to vote on an extension of Bush-era tax cuts.

“I’ve been doing payroll for probably close to 30 years now, and never have we seen something like this where it gets that down to the wire,” said Dennis Danilewicz, who manages payroll services for about 14,000 employees at New York University’s Langone Medical Center. “That’s what’s got a lot of people nervous. All we can do is start preparing communications with a couple of different scenarios.”

Lawmakers won’t start debating whether to extend the cuts, which expire Dec. 31, until after the Nov. 2 elections. Because it takes weeks to prepare withholding schedules, the Internal Revenue Service will probably have to assume the cuts will expire and direct employers to increase payroll deductions starting Jan. 1, experts say.

Making a withholding-rate change could take longer for small businesses that don’t outsource payroll services, experts said.

Jodi Parsons, manager of payroll and accounts payable at IFMC, a health care management company based in West Des Moines, Iowa, said if the IRS issues two sets of withholding tables, her two-person office could be overwhelmed with processing changes to W-4 forms.

Scott Mezistrano, senior manager of government relations at the American Payroll Association in Washington, said a delay in guidance from the IRS could increase costs for some small businesses.
1. Why did the party punt?

2. What possible justification can leadership today---IN TIMES LIKE THESE---provide the public to explain its pusillanimous, irresponsible putting off of this problem so centrally important to every mom and pop?

3. No tax cuts for the MIDDLE CLASS.

4. No tax cuts for ANYONE.

5. Just a LAME DUCK.

6. Leadership has STILL failed to lay out its intentions.

7. What POSSIBLE justification?

8. No American can recall the like.

9. The party in power is plainly PARALYZED.

10. Why, it's as bad as SACRAMENTO.

11. As EFFETE as the EU.

12. How can our representatives look themselves in the mirror, let alone try to talk to us thru the TV?

13. How can these people possibly IMAGINE voters will deem them worthy of continued responsibility?

14. Barring action demonstrably beyond the capacity of the craven crew currently occupying the Capitol, taxes on every MIDDLE EARNER are scheduled to HIKE in only SIXTY SHORT DAYS by three to five thousand dollars per household.

15. This is completely INEXCUSABLE.

16. The president himself has puffed repeatedly that America simply cannot afford to put so serious a squeeze on THIS middle class.

17. Probably the prime reason our economy is as lifeless as our listless leaders is because of the cancerous UNCERTAINTY that clouds every decision of every earner, every hirer, each consumer, all investors.

18. Doubts dog darkly the health care bill, the regulatory reform, the cap and trade...

19. And now this---our precise relationship with the INTERNAL REVENUE SERVICE.

20. Democrats are losing working class whites, poll after poll reports, by some 20 points.

21. Class warfare never works---in America.

22. If the anti-Obamite tsunami materializes which ALL the professionals predict is coming three days after the day after tomorrow, who of sober and mature caste can complain, after leadership's lame resort to a duck to decide this fundamental question, that the party punished did not richly deserve it?

The Prof
 

Erod

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Add to this, Prof, the intentions of Obama to eliminate the mortgage interest deduction.

This will lead to massive foreclosures at a scale we've never seen. We're talking raises in federal taxes to many homeowners of potentially $10,000+ per year.
 

The Prof

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yes, erod, you're correct, he campaigned centrally on his intention to eliminate the home interest mortgage deduction, the firmest foundation of the american dream

he also ran hard on his bid to limit the write-off for CHARITABLE GIVING

i remember during the campaign doing the best i could to warn our neighbors of these almost unamerican ambitions of this alien upstart, but they were not at the time ready to listen

america today is more than prepared to perceive

indeed, we all already know

fortunately, he aint gonna get squat of what he wants, not now, not anymore

he's already irrelevant

what might be somewhat surprising, if one weren't so familiar with the revolutionary mindset of the "professional left," is how there are any obamites remaining who are so completely out of touch with the american sentiment they could even attempt to apologize in public for the universal failure that is barack hussein obama

they will get their cruel comeuppance just 3 days after the day after tomorrow

people like you and me simply can't wait, our side has never been so energized and enthused, not in my entire lifetime of minute monitoring of united states affairs

and that too says all

it's gonna be great

thanks for the feedback, it's spot on

seeya at the precincts, all, only 3 days after the day after tomorrow

he's gonna get the feedback he labored so hard to earn
 

Erod

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The lack of responses in this thread is telling.

If Obama were to get his tax increases through, as well as his wishes to eliminate mortgage interest deductions and other credits, it would hit everyone, not just wealthy Republicans.

Many people, if not MOST people, factor in their mortgage interest deductions when they budget for a new home. That is taken greatly into consideration when deciding how much house they can buy. And we're talking about the responsible homebuyers, not the one's that got gobbled up in the subprime crisis.

This would destroy many Americans' financial well-being, and create a huge influx of additional government-dependent citizens. That is Obama's wet dream.

Yep, this would hit a huge percentage of Democrat homeowners, too, which is why there is so much silence in the debate over this.
 

Deuce

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The lack of responses in this thread is telling.

If Obama were to get his tax increases through, as well as his wishes to eliminate mortgage interest deductions and other credits, it would hit everyone, not just wealthy Republicans.

Many people, if not MOST people, factor in their mortgage interest deductions when they budget for a new home. That is taken greatly into consideration when deciding how much house they can buy. And we're talking about the responsible homebuyers, not the one's that got gobbled up in the subprime crisis.

This would destroy many Americans' financial well-being, and create a huge influx of additional government-dependent citizens. That is Obama's wet dream.

Yep, this would hit a huge percentage of Democrat homeowners, too, which is why there is so much silence in the debate over this.
If you want to balance the budget, taxes have to go up somewhere. Defense spending is treated as sacred. When the Democrats "cut" medicare, they were attacked for it. Social security? No, have to save that because old people actually vote. You're out of options.

I mean, you tell me. Conservatives think cutting more taxes will somehow fix this. Do the math for me, show me a balanced budget that doesn't include higher taxes.
 

ReverendHellh0und

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If you want to balance the budget, taxes have to go up somewhere. Defense spending is treated as sacred. When the Democrats "cut" medicare, they were attacked for it. Social security? No, have to save that because old people actually vote. You're out of options.

I mean, you tell me. Conservatives think cutting more taxes will somehow fix this. Do the math for me, show me a balanced budget that doesn't include higher taxes.


How about cutting pork, spending, and unneeded bull****?
 

The Prof

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cutting unemployment to an 18 year low would be an excellent start

News Headlines

first things first, y'know
 

ptif219

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If you want to balance the budget, taxes have to go up somewhere. Defense spending is treated as sacred. When the Democrats "cut" medicare, they were attacked for it. Social security? No, have to save that because old people actually vote. You're out of options.

I mean, you tell me. Conservatives think cutting more taxes will somehow fix this. Do the math for me, show me a balanced budget that doesn't include higher taxes.
What happened to pay go? The answer is cut spending not raising taxes
 

Jetboogieman

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What happened to pay go? The answer is cut spending not raising taxes
The answer is actually to cut spending and raise taxes.

If you cut taxes, you will undoubtedly create a shortfall.

See it's guys like you on the forum, that just throw around rhetoric... "Lower Taxes, and everything will be dandy"...

Well that's what you've done for the past 10 years, Obama did cut taxes... doesn't seem to matter a whole lot to you.

Now you could argue that Obamacare raises taxes and all this rubbish but the fact is, Taxes are not the be all and end all. A balance must be struck, if taxes were the only thing that mattered in an economy, Canada would be a **** hole right now.

So how can it be, with our taxes higher... we're in a much better position then you? Could it be we didn't allow our banks to take the same risks yours did? We actually regulated ourselves perhaps? How communist of us.
 

ptif219

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The answer is actually to cut spending and raise taxes.

If you cut taxes, you will undoubtedly create a shortfall.

See it's guys like you on the forum, that just throw around rhetoric... "Lower Taxes, and everything will be dandy"...

Well that's what you've done for the past 10 years, Obama did cut taxes... doesn't seem to matter a whole lot to you.

Now you could argue that Obamacare raises taxes and all this rubbish but the fact is, Taxes are not the be all and end all. A balance must be struck, if taxes were the only thing that mattered in an economy, Canada would be a **** hole right now.

So how can it be, with our taxes higher... we're in a much better position then you? Could it be we didn't allow our banks to take the same risks yours did? We actually regulated ourselves perhaps? How communist of us.
Wrong you cut spending and learn to function with in your budget as the rest of us have to do
 

Erod

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The answer is actually to cut spending and raise taxes.

If you cut taxes, you will undoubtedly create a shortfall.

See it's guys like you on the forum, that just throw around rhetoric... "Lower Taxes, and everything will be dandy"...

Well that's what you've done for the past 10 years, Obama did cut taxes... doesn't seem to matter a whole lot to you.

Now you could argue that Obamacare raises taxes and all this rubbish but the fact is, Taxes are not the be all and end all. A balance must be struck, if taxes were the only thing that mattered in an economy, Canada would be a **** hole right now.

So how can it be, with our taxes higher... we're in a much better position then you? Could it be we didn't allow our banks to take the same risks yours did? We actually regulated ourselves perhaps? How communist of us.
The bolded is absolutely wrong.

Would you rather have 10 percent of $10, or 8 percent of $20? If you lower taxes, you lessen corporate risk, which will lead to hiring, which will lead to a larger base of people to tax and higher corporate revenues to tax as a result of a lower unemployment and greater consumer spending. That means you collect more taxes by cutting taxes.

If you raise taxes, you get a few more dollars now, but an immediate decrease in tax base due to further corporate budget cuts, higher unemployment, and less consumer spending.

And stop using Canada as an example. Even most Canadians know what a cluster your economy is, unless you love government-controlled socialism. If you didn't sit on a ton of oil, you'd be a U.S. territory, which you basically are anyway.
 
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Jetboogieman

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And stop using Canada as an example. Even most Canadians know what a cluster your economy is, unless you love government-controlled socialism. If you didn't sit on a ton of oil, you'd be a U.S. territory, which you basically are anyway.
Please... enlighten me.

Government controlled Socialism... isn't that an oxymoron? Is there such a thing as privately controlled socialism?

Life is better up here for more people. Reason for that? Who knows. But one of the determining factors of our lives and our economy is not taxes. Our taxes are higher, yet for the vast majority of people, we have a higher standard of living.
 

Erod

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Please... enlighten me.

Government controlled Socialism... isn't that an oxymoron? Is there such a thing as privately controlled socialism?

Life is better up here for more people. Reason for that? Who knows. But one of the determining factors of our lives and our economy is not taxes. Our taxes are higher, yet for the vast majority of people, we have a higher standard of living.
That is because there is so much "sameness", you can no longer tell the difference. That's what socialism/communism/collectivism does. And there is HUGE disconnect in Canada between people that live in Toronto or Montreal and someone living in Saskatoon, much moreso than in the states. You guys barely pay attention to each other from province to province.
 

Jetboogieman

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That is because there is so much "sameness", you can no longer tell the difference. That's what socialism/communism/collectivism does. And there is HUGE disconnect in Canada between people that live in Toronto or Montreal and someone living in Saskatoon, much moreso than in the states. You guys barely pay attention to each other from province to province.
Ignorance is bliss I suppose.

So when you're done with your rhetoric and blind "knowledge" we'll have a chat. But I have to go to work, a privately owned business... shocked? Yes I know I was too. I use to work in our government Gulags but they let me work at the movie theatre, where I sell popcorn to private citizens who earn money from private businesses to buy our private products... in our communist dictatorship.

See you later Erod!
 

Erod

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Ignorance is bliss I suppose.

So when you're done with your rhetoric and blind "knowledge" we'll have a chat. But I have to go to work, a privately owned business... shocked? Yes I know I was too. I use to work in our government Gulags but they let me work at the movie theatre, where I sell popcorn to private citizens who earn money from private businesses to buy our private products... in our communist dictatorship.

See you later Erod!
"Private business" is not so private when it has the tax pissed out of it.

And I've spent quite a bit of time up there, so I'm not just repeating internet garble. Outside of Vancouver and Toronto, everything is so stale and "alike" up there. It's like being in a 1950s American suburb after WWII.
 
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Taboon

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The bolded is absolutely wrong.

Would you rather have 10 percent of $10, or 8 percent of $20? If you lower taxes, you lessen corporate risk, which will lead to hiring, which will lead to a larger base of people to tax and higher corporate revenues to tax as a result of a lower unemployment and greater consumer spending. That means you collect more taxes by cutting taxes.

If you raise taxes, you get a few more dollars now, but an immediate decrease in tax base due to further corporate budget cuts, higher unemployment, and less consumer spending.

And stop using Canada as an example. Even most Canadians know what a cluster your economy is, unless you love government-controlled socialism. If you didn't sit on a ton of oil, you'd be a U.S. territory, which you basically are anyway.
Can you back this up with historical evidence?
 

Taboon

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How about cutting pork, spending, and unneeded bull****?
Seems to me, if you actually look at the budget, those things will only get us part of the way there. One or more of the "sacred" expenditures needs to be involved as well to balance the budget (i.e. Defense, Social Security, Medicare).
 

ptif219

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If congress cuts pork and spending and lives within the budget the current tax system brings in there is no need to raise taxes. Congress needs to learn to live on their income like the rest of us do.
 

Erod

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Can you back this up with historical evidence?
If you get in the shower with your clothes on, they'll get wet.

Same basic common sense.
 

FederalRepublic

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Seems to me, if you actually look at the budget, those things will only get us part of the way there. One or more of the "sacred" expenditures needs to be involved as well to balance the budget (i.e. Defense, Social Security, Medicare).
I'm not against cutting some from those things, provided the money isn't simply wasted elsewhere.
 

Taboon

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If you get in the shower with your clothes on, they'll get wet.

Same basic common sense.
Heck, I'll even use a "conservative" link to debunk that.

The Tax Foundation - Five Myths about the Bush Tax Cuts

Myth on the Right: The Bush tax cuts caused revenues to go up.
Republican spokespeople and other tax-cut enthusiasts have asserted that the tax cuts passed in 2001 and 2003 actually increased revenue. They often point to rising revenues from 2004 through 2007 following the tax cuts in May 2003. Unfortunately, as any Economics 101 student will tell you, correlation doesn't prove causation. Yes, revenue did rise, but we have to answer the question: Would it have risen anyway?

We can never be absolutely sure how the economy would have reacted if the tax cut legislation had failed for some reason in 2001 and 2003, but the consensus among experts is that the economy would have grown in the mid-2000s with or without the Bush tax cuts. That doesn't mean the tax cuts had no feedback effect at all—people reported more taxable income than they would have—but those beneficial effects were not so great that the tax cuts could have "paid for themselves."

The most damaging result of this myth is that Republican lawmakers feel less pressure to propose spending cuts. Why bother when cutting a tax rate will raise more revenue?
So, you've got a conservative tax foundation admitting that there is no correlation between tax reductions and tax receipt revenue growth. Hmmmmmm

Maybe it's not common sense afterall.
 

disneydude

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The Democrats tried to cut taxes for everyone....except the Party of No, of course said "NO....unless you extend tax cuts to our corporate elite".

The GOP is responsible for this.
 

Johnny DooWop

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So, you've got a conservative tax foundation admitting that there is no correlation between tax reductions and tax receipt revenue growth. Hmmmmmm

Maybe it's not common sense afterall.
Do you hear that? No? It's called silence, and its very peaceful. When you hit the Cons with facts like that the threads suddenly become inactive, lol.
 

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