Do you doubt we are governed by elitists? Perhaps this will persuade you otherwise.
Congressguys left Washington to campaign. Without acting on the Bush tax cuts. And they left town without fixing another tax matter. That negligence may force up to 25 million folks to cough up thousands in more taxes.
This is not about whether taxes should go up or down. This is about the fact that we do not know where they are going. That is the issue.
Back to the Bush tax cuts. The Treasury issues tax-withholding tables. These tables tell employers how much to withhold from paychecks of workers. Those employers need those tax tables now. To set up payrolls for January in the new year. They need them now. Because it takes weeks for payroll processors to change their systems.
Come January, millions of folks could see bigger bites taken out of their paychecks. Because Congress never acted. Congress left employers in the dark.
Congress has not patched the Alternative Minimum Tax – the AMT. They have to do this every year. To keep it from whacking millions more taxpayers. Congress had all year to do this. Did they? Nah.
Congress has had several years to decide what to do with the Bush cuts when they start to expire next year. Did they? Nah.
Our jobs machine is composed of countless small and mid-sized businesses. Their planning is extremely sensitive to taxes. Including the estate tax. And the AMT. We are counting on these companies to expand. And to create more jobs.
Politicians and bureaucrats whine that these businesses are sitting on piles of cash. They are not investing in expansion. One reason they are not is because they don’t know what their taxes will be next year. And years to come.
They don’t know because Congress left town. Without clarifying the matter.
How could Congress be so irresponsible? They do not know any better. They do not know any better because they – most of them – have not worked in the private sector. They have not owned and run businesses. Most of them do not prepare their own taxes.
Many of them have only worked for government – directly or indirectly. For their entire careers.
Most have never known what it is like to live from paycheck to paycheck. Most have never had to suffer when an extra bite is taken from a paycheck.
The problem is rarely aired in major media. Because too many of those who work for big media have experiences as limited as that of the politicians.
Obviously these are difficult times for millions of working folks and business owners. By leaving Washington without tending to the tax situation, our congressional politicians have spit in their faces. These folks deserve better treatment from those they pay to represent their interests.
From Tom ... as in Morgan.
For more columns, for Tom’s radio shows and new TV show (and to write to Tom): tomasinmorgan.com.