Tax Foundation Projects 2011 Tax Parameters Using New Inflation Numbers

With Obama and Congress dithering over the Bush tax cuts and probably leaving it all in limbo for the lame duck Congress when those already voted out will have a chance the push something through, I can't imagine anything worse than being a professional tax preparer, or someone who will need their services (and that's just about everyone). The Tax Foundation has prepared three scenarios (as of Sept. 17).

From news release: "Tax Foundation Fiscal Fact, No. 245, "Tax Foundation Projects 2011 Tax Parameters Following Release of New Inflation Data," outlines inflation-adjusted 2011 federal income tax parameters under three policy scenarios:

(1) All the Bush-era tax cuts expire;

(2) All the tax cuts are extended (Republican plan);

(3) Congressional Democrats' proposal is adopted, which is similar to the Obama plan but does not extend major stimulus measures or include additional limits on itemized deductions.

The report is available online at http://www.taxfoundation.org/publications/show/26719.html."

The Tax Foundation - Tax Foundation Projects 2011 Tax Parameters Using New Inflation Numbers

Congress again puts politics ahead of rescuing the economy

Obama and the Democrats find yet another way to keep the economy sinking, sinking, sinking--mass uncertainty about taxes. Yes, Mr. Obama's plan is working.

"The delay could complicate the financial planning of millions of Americans. "You're going to have families sitting there thinking about the tax consequences in end-of-life situations," said Alan Rothschild, chairman of the American Bar Association's section on estate law. "That's a horrible situation." The estate tax, which lapsed in January, will return next year at rates up to 55% unless Congress acts."

Congress Punts on Taxes - WSJ.com