What's Going On with the Bush Tax Cuts? | AccountingWEB

What's Going On with the Bush Tax Cuts?

Will Congress let the Bush tax cuts expire? Will the maximum rate on capital gain income increase to 20 percent? Will dividends be taxed at ordinary income tax rates? Will the ordinary income tax rate increase to 39.6 percent? Will the estate tax exemption go down while the estate tax rate increases? How big an impact do the autumn elections have on the decisions to let the Bush tax cuts expire?

The Bush tax cuts were enacted in 2001 and 2003 and were designed to expire in 2010, and then they were extended in 2010 for two years. Now the tax cuts are up for debate and possible renewal again, and I, for one, am pretty tired of this uncertainty about taxes. No matter where your ideology falls in the realm of higher or lower taxes for higher or lower wage earners, wouldn’t it be interesting if we had a tax system we could rely on from one year to the next?

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Caleb Newquist is the Editor-in-Chief of Sift Media US, overseeing content for both AccountingWEB and Going Concern.

Prior to this role, Caleb served as the editor of Going Concern since its founding in 2009. During his time as editor, Going Concern quickly became one of the most popular and talked about websites in the accounting profession. He has been named one of Accounting Today's Top 100 Most Influential People every year since 2011 and has been published on numerous websites, including Above the Law, Deadspin, Denver Business Journal, and the Huffington Post.

Caleb is an adjunct professor of journalism the Community College of Denver in Denver, Colorado, where he teaches Internet Media.

Prior to falling bass ackwards into the media business, Caleb spent over five years working in public accounting, with more than three of those years at KPMG. Caleb received a Master of Science in Accounting from Colorado State University and a Bachelor of Science in Business Administration from the University of Nebraska at Kearney.

Caleb spends a lot of time on a bicycle and reading, but never at the same time.

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