Will the Bush tax cuts be extended due to the November election results?
Before the November 2 election results were tallied, President Obama was signalling extending the Bush tax cuts for families making less than $250,000 and allowing them to expire for wealthier families. After the polls closed last Tuesday, White House spokesman Robert Gibbs signaled that the Obama administration is open to a temporary extension of the Bush tax cuts including those making more than $250,000. Congress needs to act quickly. The Bush-Era tax law expires on 12/31/2010.
Reuters has a well written article that discusses the potential Bush-Era Tax Law extension. Please feel free to contact me at the Las Vegas CPA firm of Wallace Neumann & Verville LLP to discuss the potential tax extension. I plan to update our blog as more information becomes available.