There is a strong likelihood that the Bush tax rates for 2009 and 2010 will be revoked by a new Congress and returned to Clinton rates. Even if there is a technical recession, they are likely to let us have those Bush rates for only eight, not 10, years. And...they promise to increase cap gains and dividend rates...and heaven help us as the estate rates go from zero on December 31, 2010, to 55% on January 1, 2011. I wonder if there will be alot of feeding tubes pulled on New Year’s Eve 2011.
I believe the “marriage penalty” comes back on again also. This would mean about $8,500 in additional taxes for my wife and I, on top of whatever else they have in store for us. We’ve got 2 more years of college for my youngest son, I hope we can make it. I’ll be 66 next month and have already decided that the only way I can “retire” is to drop dead at work.