What Lies Beyond the Sunsetting 2010 Tax ProvisionsPosted November 9th, 2010
The so-called Bush tax cuts are proving to be popular ammo in the 2010 election cycle, with Democrats accusing the Republicans of slashing the tax base by pandering to the wealthiest Americans, and Republicans accusing the Democrats of hindering economic recovery by taxing Americans to the poorhouse.
We have heard ad infinitum about the 2011 regression of the estate tax to 2001 rates, exemptions, and exceptions and the income tax rate increase that will result from Congressional inaction—those are, after all, the easiest changes to digest and spit back over the airwaves as a twenty-second sound bite. But there are dozens of other important income tax provisions that will expire if Congress does not step in by the end of the year to extend them. While not as dramatic as the tax rate increase or estate tax conundrum, these provisions can profoundly affect a taxpayer’s tax exposure and may warrant an income tax strategy overhaul. Read this complete article at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).
For previous coverage of the Bush tax cuts in Advisor’s Journal, see CBO Analysis Supports Extending Tax Cuts (CC 10-49) as well as coverage at Bush Tax Cuts Linger Long After Sunset.
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