Laura Saunders of the Wall Street Journal has outlined what taxpayers can expect from the 111th Congress for a list of unaddressed tax issues. With the current legislative session approaching its close (currently scheduled for August) and the midterm elections fast on their way, she predicts that questions on the estate and income taxes will go unanswered mainly due to Senate inaction. She does note, however, that many experts are expecting lawmakers to pass a fix for the Alternative Minimum Tax (AMT); currently, estimates suggest that 27 million taxpayers will be affected by the AMT and the House has already begun work to lessen this impact.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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