WSJ: The Tax Mess Deepens

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The WSJ takes a look at a variety of taxes that are about to expire year end, the expiring tax cuts of 2012, and what new taxes go into effect or expire in 2013:

Expiring in 2011
• 2% Social Security payroll-tax cut for employees
• Alternative minimum tax patch
• IRA charitable contribution for people older than 70½.

Expiring in 2012
• Bush tax cuts of 2001 and 2003.
• top tax rate on wages reset to 39.6% from 35%
• top rate on long-term capital gains to 20% from 15%
• Special 15% rate on dividends
• estate-tax provisions.
• 10 million lower-income families and individuals restored to the tax rolls

Silver lining: The dysfunctional US government may end up leading to a lower deficits, as many of the expiring tax cuts are unfunded contributors to huge deficits.

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Source:
The Tax Mess Deepens
LAURA SAUNDERS
WSJ, NOVEMBER 26, 2011 
http://online.wsj.com/article/SB10001424052970203710704577054183310576476.html

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