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Tax reform: Political storm brewing

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in Centerpiece,Small Business Tax,Small Business Tax Deduction Strategies

Now that Congress has finally approved a debt ceiling agreement, you can expect another issue to gridlock both chambers now: tax reform.

The Aug. 2 debt ceiling deal requires a 12-member Congressional panel, appointed in August, to ferret out $1.5 trillion in budget savings before December.

Bottom line: Virtually all existing tax breaks for businesses and individuals are on the table. The Bush tax cuts are set to expire on Jan. 1, 2013, the same date that the “enforcement mechanism” of this legislation would go into effect.

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