Elgin Residents (And Everyone Else…) Will Likely Get A Tax Break, Still Waiting

by Craig on December 11, 2010

Photo by: Alan Cleaver

While Congress is still working their “magic” on a tax plan that would continue the Bush era tax cuts enjoyed by Americans since 2001, leaders from both parties expect it to pass soon.

So the real question is, how will this affect Elgin residents? On the whole, things will remain largely the same. You won’t see the income tax increase that awaits us all should Congress fail to act.

Additionally, the tax plan allows for a slight reduction in the taxes taken out of Elginites’ paychecks. However, this cut is largely a wash, as the “Making Work Pay” tax credit that many taxpayers received in the form of a refund last year, is no longer valid.

All in all, given what taxpayers were up against, I’d call this a small victory for taxpayers given what they were up against. That is, as long as Congress manages to get the job done and pass the bill. What do you think?

Stay tuned for further updates.

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