Frequently Asked Questions About the Expiration of the Bush Tax Cuts
Many taxpayers are confused about which tax provisions will be affected, and in what way, on Jan. 1, 2011. In just six months, major changes could affect numerous tax provisions, including individual income tax rates and credits, the alternative minimum tax, and the estate tax. To help taxpayers with this confusing issue, we have assembled a list of 13 questions on the Bush tax cuts and the uncertainties of 2011 post-expiration tax policy.
Each question addresses one aspect of the tax cuts and possible changes. Questions include ” Who received the biggest tax savings from the tax cuts?,” “What tax provisions expired at the end of 2009 along with the AMT patch, and what are the chances these will once again be extended retroactively?,” and “Can you give me some examples of how families’ income tax bills would change as a result of the tax cuts expiring?“