IT'S ONE OF THE BIGGEST STORIES
OF THE 20-12 ELECTION THAT
YOU MAY NOT HAVE HEARD YET.
FEDERAL TAX INCREASES
ACROSS THE BOARD FOR AMERICAN
HOUSEHOLDS.
LAWMAKERS STILL HAVE TIME TO
CHANGE THAT
AND NEWS 10'S MATT GREGORY
EXPLAINS HOW IT COULD AFFECT US
LOCALLY.
" TAXES, JUST ONE OF THOSE SURE
THINGS IN AMERICAN LIFE.
WHEN SPRING ROLLS AROUND IT'S
TIME TO TURN YOUR
INFORMATION IN. BUT WITH 2013
AROUND THE
CORNER, THERE IS A SET OF TAX
LAWS THAT COULD AFFECT YOUR
INCOME IN A BIG WAY UNLESS
CONGRESS DOES SOMETHING
ABOUT IT. HERE'S WHAT HAPPENED,
IN
2001 THE UNITED STATES
GOVERNMENT ISSUED A SET OF
TAX CODE THAT LOWERED THE
FEDERAL INCOME TAX PERCENTAGE
FOR MOST TAX GROUPS. FOR THE
LAST DECADE THOSE
HAVE BEEN EXTENDED SEVERAL
TIMES.
BUT AS THEY PREPARE TO EXPIRE
THE RESULT COULD BE
BAD FOR YOU... ACCORDING TO THE
INDEPENDENT
RESEARCH GROUP THE TAX POLICY
CENTER, ACROSS THE BOARD
FAMILIES ARE FACING A 34-
HUNDRED DOLLAR AVERAGE TAX
INCREASE. AND THE TOP 1 PERCENT
OF
HOUSEHOLDS WOULD LOSE AN
ADDITIONAL 10 POINT 5 PERCENT
OF THEIR INCOME TO TAXES. SO
WHAT WILL WASHINGTON DO?
WELL IN THIS ELECTION YEAR WE
WANTED TO SEE WHAT YOUR
POTENTIAL REPRESENATIVES PLAN TO
DO.
SO WE GOT IN TOUCH WITH CURRENT
COGNRESSMAN
LARRY BUCSHON AND HIS GENERAL
ELECTION OPPONENT
FORMER STATE REPRESENATIVE DAVE
CROOKS.
THEIR FEELINGS ON THE TAXES ARE
QUITE SIMILAR. "THE
CONSEQUENCES OF ALLOWING THESE
TAXES TO EXPIRE WOULD
AND FOR THE TAXES TO GO UP ON
EVERYONE WOULD BE REALLY
DETRIMENTAL TO THE MIDDLE CLASS
TO BUSINESSES AND
TO THE COUNTRY. " "I WOULDN'T BE
AGAINST AN IDEA OF A ONE YEAR
EXTENSION OF THE BUSH TAX CUTS
IF LAWMAKES
WOULD GET SERIOUS ABOUT WHAT WE
HAVE TO DO FOR THE LONG
HAUL. " BUT THEY DO DIFFER...
"MY POSITION IS THE CURRENT TAX
RATES SHOULD BE EXTENDED FOR
ALL CITIZENS." "NOW IM NOT
OPPOSED TO LOOKING AT
RAISING THE TAX RATES BACK TO
THE CLINTON AREA ON THOSE
MAKING OVER 250-THOUSAND DOLLARS
"
CROOKS SAYS THAT RAISE ON THE
TOPE TAX GROUP COULD
HELP THE DEFICIT. WHILE BUCSHON
FEELS ANY
INCREASE ON ANY TAX GROUP WOULD
NOT DO WELL IN A
RECESSION. "
CONGRESS PLANS TO LOOK AT TAX
LAWS AFTER THE ELECTION.
