Will the Bush tax cuts be extended due to the November election results?

November 6, 2010 by Mike Verville

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.

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