Tax Increase Proposals (Update on Timing)
From Office of Management and Budget Director Peter Orszag's blog:
"Let’s focus specifically on the revenue increases for high-income taxpayers. The Budget proposes that the tax cuts currently enjoyed by those with incomes above $250,000 be allowed to expire at the beginning of 2011, at which point the economy should have recovered from the current downturn. Again, the revenue increases for those with incomes of $250,000 or more a year would become effective January 1, 2011 – and not before.*"
See here.
