By Chris Miller
With an expanding budget deficit, the addition of fantastically expensive social programs, a skyrocketing national debt and a “tax-friendly” presidential administration at the helm, many of my investors are wondering what their taxes will look like in the future. This month’s article takes a look at what’s in store for us in 2011 – and beyond.
On May 28, 2003, President Bush signed the third-largest tax cut in U.S. history, the Jobs and Growth Tax Relief Reconciliation Act of 2003. Those tax cuts, unless renewed, are set to expire on December 31, 2010. And we can be pretty sure they won’t be renewed.