Yesterday, I read an article at “Americans for Tax Reform”, http://www.atr.org, reporting the rates taxes will rise.
-The 10% bracket rises to an expanded 15%
-The 25% bracket rises to 28%
-The 28% bracket rises to 31%
-The 33% bracket rises to 36%
-The 35% bracket rises to 39.6%
“Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The ‘marriage penalty’ (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.” Americans for Tax Reform
I still choose to be proactive. I am saving as much money each payday as I can. I am only charging what I can pay off in that month.
What are you doing to prepare?
Is your garden doing well? Are you canning, freezing and drying your produce?
Are you paying down debt?
Are you making decisions that will lower your bills?
What ever you do…don’t do nothing.