Will the Tax Tables change again this year?
by TedObama’s paycheck bonus
You might not get a raise next year. But if the economic stimulus ideas being floated are any indication, you might get more money on payday anyway.
NEW YORK (CNNMoney.com) — For many cash-strapped workers, Barack Obama’s plan to stimulate the economy could mean more take-home money in their paychecks.
While details remain unclear, the president-elect’s recovery proposal is likely to include a tax cut to boost spending. Exactly how much of a break that could mean for workers depends on how the tax cut is structured.
But the proposal most likely to get money into the hands of the greatest number of taxpayers quickly is some form of Obama’s proposed Make Work Pay Credit.
The credit would essentially work as a payroll tax credit equal to $500 a year for individuals and $1,000 for couples. And the money could be delivered fairly quickly simply by having employers reduce the tax withholding in a person’s paycheck.
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