So, none of us have a crystal ball but earlier this week, I made some predictions about potential tax changes in the new year. I touched on federal estate tax repeal, capital gains rates, oil and gas company tax breaks, increased income tax rates and the expiration of the Making Work Credit. Later in the week, President Obama indicated that he wasn’t “caving” on preserving tax cuts for the middle class. With all of the speculation about what might happen with a new Congress on the way, I’m curious to hear your thoughts. Today’s Fix the Tax Code Friday question is:
Kelly,
The first significant tax change will be the AMT patch. Oh, and don’t think Obama will not cave on extending *all* of the Bush tax cuts, (sadly) he will.
Jim H.
Agreed re the AMT. And prob Obama, too.
I agree on the Bush tax cuts/caving, the rhetoric is already out in the media. It’s so frustrating to hear people say that extending them for 2 or 3 years is a compromise!