As many people are aware, we are facing the pending expiration of former President Bush’s numerous income tax cuts. If Congress doesn’t act before year-end, many of these tax reductions will lapse, and consumers will face a new and harsher tax reality. Additionally, the tax changes built into the Health Care Reform Act will produce tax increases in future years, disproportionately higher for investment income.
At present, we’re looking at a huge amount of uncertainty. No one can accurately predict what Congress will do, much less what Congress will look like after November 2, so consumers are left to prepare their finances for what might occur.
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