Quick Summary of the Proposed Tax Cuts/Extensions
The Wall Street Journal put out a quick “Cheat Sheet” of the proposed compromise between President Obama and Congress Republicans (note the “Cheat Sheet” name is WSJ’s, not mine). Here is the post. Democrats don’t seem too happy about this, so we’ll see where this ends up.
- Individuals – most things are just going to get extended, says nothing about AMT, though
- Businesses – extra Sec 179 for depreciation will be extended
- Estates – Estate tax will be reinstated for an estate over $5 million.