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 [1] is the post. Democrats don’t seem too happy about this, so we’ll see where this ends up.
Big highlights:
- 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.