Employers in U.S. Start Bracing for Higher Tax Withholding - Bloomberg
1. Why did the party punt?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.
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?