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Dems the breaks: What’s in store tax-wise

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The shift in control of Congress after this month’s elections will have a significant impact on taxpayers over the next few years.

What’s the tax outlook? Expect the Democrat majority to push for business tax sweeteners such as the research & development tax credit, while ending “giveaways” for oil and pharmaceutical companies. Another priority: easing the ever-advancing alternative minimum tax creep on the middle class.

To help offset the loss of tax revenue, the Dems will try to cut back on tax breaks for wealthy individuals and corporations. Don’t expect an extension in the preferential tax rates for capital gains and dividends due to expire after 2010. And the GOP’s decade-long effort to repeal estate tax permanently appears dead in the water.

With a Republican in the White House and a Democrat-controlled Congress, we could see gridlock on key tax issues the next two years. Stay tuned.

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