Since the midterm elections we have seen a less combative administration. Certainly this is to be expected given the “shellacking” delivered to the current administration.
One of the areas where there will be some traction, which previously was unacceptable to the Obama administration, has to do with tax cuts to the “wealthy”.
Earlier this year I suggested that all of the Bush era tax cuts would be extended and according to The Hill’s Blog Briefing Room that is about to happen.
While the blog indicates that the administration is pressing for a decoupling of the rates on the wealthy, while permanently extending tax cuts on the middle class, it also suggests the Republicans will not allow this administration to simply defer a tax increase on their favorite target.
See Jordan Fabians blog at the link below.
Cantor, Republicans signal Obama tax proposal dead in the water
This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.
