Press Room: Article
Cutting Through the Hype: What You Really Need to Know About the Bush-era Tax Cuts
Nothing is certain but death and taxes.” Well, Mr. Franklin, that is no longer entirely true. With the impending expiration of the Bush-era tax cuts and a Congress full of “lame ducks,” taxpayers are anything but certain about whether they will be subject to tax rates not seen for nearly a decade.
As the sun begins to set on the 10-year Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), rampant political jockeying from both sides blur the essential elements of the issue. In an effort to provide clarity amidst the political fog, this article will outline: (1) what major provisions are set to expire, and (2) what alternatives or compromises are being proposed before the clock strikes midnight on January 1, 2011.