Friday, October 5, 2012

Newsline: Congress Must Halt Tax Hike

Washington--You may have a plan for paying for the holiday presents you’ll buy this year, but have you planned for how you’ll afford the higher taxes that will hit most U.S. households if Congress doesn’t take action?

 Pat Wolff, an AFBF tax specialist, talks about efforts to encourage Congress to keep those tax hikes from happening in the latest Newsline.

Come Jan. 1, families all over the country will be paying higher taxes unless Congress gets cracking during the lame-duck session after the election. 

“There’s every reason in the world to believe that they will do a tax package in December. It will be a huge tax increase if they don’t, which isn’t good news for most people, and it will have an impact on the stock market and our financial situation and that has a lot of people worried,” said Wolff.

 “On the other hand, there’s every reason to believe they won’t because they’ve had almost two years now to try to figure it out and they haven’t got it done.”

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