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Eye View Business, Dems Push Decision To Extend Tax Cuts Until After Midterm, More Uncertainty For Businesses

WASHINGTON—Democrats abandoned plans to vote before Election Day on extending Bush-era tax cuts for the middle class while eliminating them for better-off Americans, spooked by protests from vulnerable incumbents and bleak prospects for passage.

With time running out to plan for 2011, the delay raises uncertainty for small businesses and individual taxpayers over their future liabilities. It also sets up a titanic battle over taxes after the election.

If returning lawmakers don’t pass legislation by Dec. 31, the expiration date of the cuts, tax rates would rise not only on income, but also on estates, capital gains and dividends. Important corporate tax credits and relief from the Alternative Minimum Tax also are up for renewal.

Democratic leaders and President Barack Obama made the proposal to extend the middle-class tax breaks a centerpiece of their midterm campaign strategy. They now face the possibility their members are vulnerable to Republican charges that they have failed to prevent taxes from rising for almost everyone.

More uncertainty for business and a vote to be made by pissed off Dems who will lose in November and  will be vacating their offices in January. Poor Turbo Tax will be hitting Costcos later than ever..

 

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