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Sun setting on Bush tax cuts: Dark days ahead?

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in Small Business Tax,Small Business Tax Deduction Strategies

The Bush tax cuts for capital gains and dividends are scheduled to expire after 2010. But those aren’t the only tax breaks slated to vanish.

Alert: Many key provisions in the 2001 and 2003 “Bush Tax Cut” legislation will “sunset” in 2011. Barring any legislative action, you won’t be able to reap the tax rewards after 2010.

In some cases, the original provisions have been modified or extended by subsequent legislation.

But there is a small ray of hope. The Obama administration has proposed various changes that would provide a modicum of relief. Here’s the skinny:

Individual tax rates

Currently, the lowest of the six tax brackets is 10%, while the rates for the top two tax brackets are 33% and 35%. Unless Congress acts and the president goes along, the 10% tax bracket will vanish in 2011. The lowest rate will be 15%. The top two rates in 2011 will be 36% and 39.6%.

Administration proposal: The 10% bracket would be retained for...(register to read more)

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