Americans for Tax Reform has produced a summary of the tax increases coming in 2011. Keep in mind, the 2001 & 2003 are set to expire on 12/31/10. If the laws are not extended or made permanent before then, rates will be going up. There has been some talk recently that Congress may extend the laws, but one will have to wait and see how this develops. It may be too late in the year for this to happen. One needs to consider that Congress will be heading into the August recess soon as well as the upcoming election campaigns when thinking about the possibility of the law extending. Perhaps something will be done in 2011.
To read the report, click here.
