Is there anything really to be happy about on tax day? I suppose there is that odd sense of relief that you’ve (hopefully) finally gotten through the muck and the mire of 1040s and 1099s And that even though you filled in line 42, skipped to line 47, filled out the worksheet and went back to line 45 only to find that you don’t qualify for the tax break afterall, you still managed to sign, seal and deliver your return to the IRS.
There is one thing that you can be truly happy about on April 15th 2008. Be glad that it isn’t April 15th 2012. Why? Because come 2011, your taxes are set to increase dramatically and that means that on April 15th 2012, you’ll likely be screaming at your computer, spouse, accountant, child who no longer qualifies for a child tax credit, “How can we possibly owe this much money? We only had you for the tax break!”
Today, the House will vote on the Tax Increase Prevention Act, sponsored by Rep. Walberg. Granted, this is a politically charged vote that will go down along partisan lines. But, it’s a good solid reminder that the FY 2009 Budget Resolution passed by the House of Representatives assumes that all of the tax cuts enacted in 2001 and 2003 will expire in 2011 – resulting in a $638 billion tax increase. Let’s hope that Congress reconsiders their “resolution” and instead resolves to prevent the largest tax increase in history – making April 15th 2012 a day to … well…not dread quite as much.
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