Currently Bush Tax Cuts are set to expire on December 31, 2010.

IF the Obama administration does not EXTEND the “Bush Tax Cuts” by the end of 2010 the tax tables will increase significantly in January 2011.  That would mean a PAY CUT for all of us as of January 2011.

Below are excerpts from an article in the Wall Street Journal by Arthur Laffer, written in early June 2010, that you may find informative.

OPINION JUNE 6, 2010
By ARTHUR LAFFER (Wall Street Journal)

…. On or about Jan. 1, 2011, tax rates are scheduled to rise quite sharply. President George W. Bush’s tax cuts expire on that date, meaning that the highest federal personal income tax rate will go up to 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero. Lots and lots of other changes will also occur as a result of the sunset provision in the Bush tax cuts.  Read More→