Tax Law

Gridlock's First Victim: Tax Policy

It seems to me that something happens to people when they become members of the U.S. Congress: their arrogance quotient goes up, and their intelligence quotient goes down.

. . . .

Here’s my scenario. Having little choice, President Obama is signaling a compromise on continuing tax cuts for people he thinks are rich – those families making more than $250,000 a year. He will propose something like: let’s permanently extend the tax cuts for the middle class and extend the tax cuts for the rich for a couple of years – all in the name of the economy.

The Republicans, many of whom foolishly think they have some kind of mandate now, will say, “No way, Jose. . . .

Gridlock; there isn’t time for anything else. The tax cuts expire at the end of this year.

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View TaxAnalysts' Christopher Bergin's opinion in its entirety on TAX.com

 

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