It appears that there will be a temporary extension of the Bush Tax Cuts for two years. At least, that’s the direction Congress is moving in from news reports. While the House passed a motion to only approve an extension of the cuts for the “Middle Class,” that bill died in the Senate. President Obama signaled a willingness to compromise if there’s an extension of unemployment benefits. So there’s the probable compromise: Extension of the Bush Tax Cuts for all along with an additional one-year of unemployment benefits.
Of course, that does bring up some issues:
- When will the AMT Patch be passed?
- Will legislation pass dealing with the Estate Tax or will I be doing lots of Estate Tax Returns in the future?
- Will Harry Reid (D-NV) insert online poker legislation into either the AMT Patch bill or the Bush Tax Cut/Unemployment Benefits legislation?
Add to this the possibility that Harry Reid will insert online poker legalization into this bill and it should be an interesting week in Washington.