As Congress and the rest of America head into a two-year confrontation over taxes, the Federal government made a clear-cut decision on revenue policy last week, repealing the 3% withholding tax. And the repeal might actually make life easier for financial planners and their clients.
The tax was a preemptive measure, adopted in 2005, to ensure that government contractors paid appropriate income taxes on work completed for the government. It would have affected business owners into 2013 had it not been repealed.
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