Waiting for Congress on Expiring “Bush Tax Cuts”

Title:
Waiting for Congress on Expiring “Bush Tax Cuts”
Publication:
From the November 2010 Riker Danzig Tax and Trusts & Estates UPDATE
Practices:

The two major pieces of tax-cutting legislation enacted during President Bush's administration were the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), often collectively referred to as the "Bush Tax Cuts." If new legislation is not enacted, many of the tax benefits contained in these bills are due to expire on December 31, 2010, which would affect all taxpayers. Among the more significant changes that would occur on January 1, 2011, if these provisions were permitted to expire, are:

 

During the post-election "lame duck" session which begins November 15, Congress will continue to debate whether to extend the expiring tax cuts. Our future Updates will discuss legislative changes, if any.