Congress Should Renew the Bush tax cuts scheduled to expire Dec. 31, 2010
Americans will automatically be hit with massive tax increases on their income and investments after December 31, 2010. We must urge Congress and the president to renew the Bush tax cuts early, before they expire. Now is not the time to raise taxes, as our nation is facing one of the worst recessions since the Great Depression. If Bush tax cuts are not renewed, a massive tax rate increase for almost all working americans including those in the 35% bracket, which will increase to 39.6% – 33% bracket which will increase to 36% – 28% bracket which will increase to 21% – 25% bracket which will increase to 28% – 10% and 15% will condense to 15%, whereas the capital gains tax will increase from 15% to 20% and the tax on dividends will increase from 15% to 39.6%. It is urgent that we contact our representatives in Congress to renew the Bush tax cuts without delay to ensure public confidence in the markets and economy
