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November 2008 » Will the Next President Reform...
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Benjamin R. Silliman, CPA, EdD, MAcc, MTax
As the 2008 presidential election campaign draws to a conclusion, CPAs will be asking what the next president of the United States will do to the tax code. The tax legislation signed by President George W. Bush included sunset provisions that will cause tax rates to revert to prior law. The income and estate taxes are scheduled to rise after December 31, 2010. The preferential tax rates offered to qualified dividends and long-term capital gains are also scheduled to expire. In addition, the next president is going to have to tackle a rising alternative minimum tax (AMT) burden.
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