Congress Extends the Bush Tax Cuts
Staying in place
Congress has approved and President Obama has signed legislation that extends the Bush-era tax cuts for taxpayers across all income levels through 2012, patches the individual AMT for 2010 and 2011, provides a payroll tax holiday for employees in 2011, and brings back the estate tax but at less onerous levels than provided for under current law. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 also permits businesses to expense 100 percent of their capital investments in 2011 and retroactively extends a host of expired temporary business tax incentives through 2011.
Staying in place looks at the provisions in the legislation and what taxpayers can do now to take advantage of the significant tax planning opportunities it presents.