2011 Tax Rates
“What will happen to tax rates in the future?” is one of the most popular questions tax accountants get from our clients. The question is even more crucial in the very turbulent time we are in when it comes to taxes right now. Substantial legislation is needed for both personal income taxes and estate taxes in the next year. Although we know Congress is working on resolving these issues for 2011 and beyond, we aren’t sure what the ending outcome will be: Will tax rates go up? Will only the top two brackets go up? One thing is for sure, changes are coming.
It’s important to note that if nothing is done this year, which is possible in an election year, certain tax cuts instituted under President Bush are set to expire. Click here for the article, “How the Expiring Bush Tax Cuts Affect You” by Bill Bischoff from Smartmoney.com. The article describes what will happen if tax policy returns to the way it was in 2000.
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