Mark Kohler may not know whether the tax cuts passed in 2001 and 2003 under President Bush will be extended by the new Republican Congress, but he is sure that all Americans are waiting to see which cuts are extended and are wondering how it will affect them and their families. Kohler provides a summary of what can be expected should none of the cuts be extended, namely an increase to income tax rates, capital gains tax, and estate tax, and a decrease in tax credits to families with children and to the deduction for married couples. Until it is clear what the new taxes will look like, Americans can only try and plan ahead for all scenarios.
Read the Article at:
What will happen if the 2001 and 2003 Bush Tax Cuts expire in January?