As a follow up to my video in the next blog, unless Congress passes a new tax law in a lame duck session by the end of the year, higher taxes are in your future.
If you look back at my 3rd Quarter Preview (here) I mentioned I forecast the 3rd quarter would be up. That’s proving to be a great move (if I do say so myself).
But what makes me nervous?
This article sums up a lot of my feelings.
Does that mean I’m bearish for the 4th Quarter?
I guess you’ll have to wait until my 4th Quarter preview in a couple of weeks to find out.
President Obama came out this week in support of making the Bush tax rate cuts permanent for those making $250,000 or less.
Good move, and let’s see what happens in Congress with this hot potato.
Is anyone talking about Alternative Minimum Tax (AMT)? No.
The AMT is scheduled to sunset too, and the Congressional Budget Office estimates the number of people this affects will jump from 4.5 million taxpayers to 27 million in 2011.
Click on these links to see a few tax cut articles.