Do we have a tax deal? Or, not.
I personally hate putting too much effort on proposed legislation – seeing that the most proposals never get passed or get changed significantly.
And, this new Obama/Republican deal is not different. There are only 20 days left – Obama says it will pass. House Democrats say maybe not. Republicans have been pretty quiet (probably satisfied that this has become a big win-win for them – get the law passed, big win; it fails, big loss for Democrats – ie big win for Republicans). Something tells me that this whole thing might collapse – House Democrats trying to figure out if this helps or hurts them; or maybe rebelling against Obama will help them; or who knows.
Anyway, if you are interested in the details of the tax deal – as they stand today – check out Attorney Martin Shenkman’s piece on it:
Personally, I want to see something on the income taxes happen – more money in my pocket actually means a lot to me. But, on the estate tax side, I want to see the law revert back to 2001. It will wake up a lot of people to start doing some planning. Which is a good thing (at least for my profession!)
Have a great weekend!