With only a few weeks left in 2010, taxpayers across the country are wondering if they are going to have a smaller paycheck come January 1. The main concern is the expiration of what are known as the “Bush tax cuts.” Filling in for President Obama, Vice President touched on the subject during this week’s address.
“We’ve got to extend the tax cuts for the middle class that are set to expire at the end of the month. If we don’t, millions of middle-class families will see a big bite out of their paychecks starting January 1. And that’s the last thing we should let happen. After a decade in which they lost ground, middle class families can ill-afford a tax hike – and our economy can’t afford the hit it will take if middle class families have less money to spend.”
While employed Americans are wondering what will happen with the tax brackets come New Year’s Day, millions of unemployed Americans are wishing that was their top concern. Instead of wondering if their paycheck will be smaller due to higher taxes, these Americans are wondering how they are going to pay rent and put food on the table after their unemployment insurance runs out.
Extending unemployment benefits was the second topic Vice President Biden covered during his speech. Although we are in the middle of the holiday season, a traditionally joyous time of the year, concern about the economy may be overshadowing some celebrations this year.
Photo: Center for American Progress/Flickr