Jul 11, 2012 14:28
The year 2012 began with the fate of the "Bush-era" tax cuts uncertain, and no resolution appears in sight. The Congressional Budget Office has estimated that extending all of the "Bush-era" tax cuts would cost $2.84 trillion over 10 years. Democrats and Republicans remain far apart on whether to extend all or some of the "Bush-era" tax cuts and other tax incentives scheduled to sunset after 2012. Reaching an agreement between the Democrats and Republicans before the November elections is not likely. The likelihood of a lame-duck Congress deciding the fate of the "Bush-era" tax cuts is increasing daily. Also growing daily is the uncertainty many taxpayers face in tax planning for 2013 and beyond. -- Guest post by Lori Figlioli of Alpern Rosenthal. [More]