Rescue plan, election bring change for taxpayers
Tax season's coming. Can you smell it?
To some, it's the intoxicating aroma of money. To others, it's the stench of a non-stop work-fest. Either way, it's right around the corner, and it's time to start planning.
There'll be plenty to talk about in coming weeks, but let's start with a couple of reports from CCH.
First, there's a tax briefing that examines the Emergency Economic Stabilization Act of 2008, including its AMT patch, $150 billion in tax relief, a revised preparer penalty standard and an enhanced child tax credit. And you thought it was just about bailing out Wall Street ...
Next, there's a special CCH report that takes a closer look at the tax policies of President-elect Barack Obama. The proposals would bring relief to middle-class and working-class families, changes to the Bush tax cuts for high-income taxpayers, proposals related to dividends and capital gains, and a "mixed bag" of provisions for businesses.
And though the proposals won't become law until May at the earliest, CCH tax analyst George Jones predicts that many of the provisions will be retroactive to Jan. 1.
“The theme of Obama’s campaign was ‘change,’” Jones said, “and in the realm of taxes, that theme is likely to be written into law within the near future.”
Let the fun begin.
Read the CCH report in its entirety, then tell us: What do you think of Obama's tax proposals? What about the financial rescue package?