Last week, tax legislation was passed that will extend our current income tax structure for two more years. This includes the annual patch to the Alternative Minimum Tax. In addition, it provides temporarily modification of our federal estate, gift and generation-skipping transfer tax code through 2012. Employee Social Security taxes will be lowered by 2% so employees will pay 4.2% on wages and self employed people will pay 10.4% on self employment income up to $106,800. Finally it allows for an extension of unemployment insurance for an additional year.
From a macro perspective I believe that the tax legislation is …Read More