The first two items are the key parts of the "fiscal cliff" and others are also budget problems. |
A 10/1/12 Wall Street Journal blog notes that the IRS could alleviate the
- The IRS did not cause the upcoming "fiscal cliff."
- If the 2001/2003 tax cuts are not extended, workers will be under withheld.
- It is unlikely that the 2 percentage point Social Security cut will be extended as it was for economic stimulus and intended to be temporary (although the withholding tables are not used for FICA tax).
- The withholding tables only affect workers, not investors with dividends and capital gains.
- It could be confusing to workers.
- It would send an inaccurate message that Congress does not need to do anything.