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We're Not There Yet Folks!

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January 6, 2011
By
Core Group US
Tax Law
We're Not There Yet Folks!

I’m reviewing the bill proposed yesterday in the House (Job Creation Act of 2010) that is supposed to eliminate the pending tax increases. Many of the provisions ARE pro-business, but it is far from being a done deal. According to thehill.com Democrats need forty party members to vote yes on the bill in order for it to pass. According to the Whip count, they currently only have 8 according to the Whip count. That says nothing about the Senate. I will summarize the provisions of the current bill, but this one is far from over:

Tax rates extended for two years
Married standard deduction remains at 200% of the single amount
Itemized deductions and exemptions are not phased out for higher-income taxpayers
Capital gains and dividend rates extended for two years
AMT exemption amounts extended for two years
Estate tax exemption set at $5 million dollars per individual and the top rate set at 35>#/li###
100% first-year depreciation on property placed in service after Sept. 8, 2010, until January 1, 2012
50% first-year depreciation on property placed in service in 2013
Sect the Section 179 expense limit at $125,000 for years after 2011 (currently $500,000)
Reduction of Social Security tax for employees to 4.2% for 2011 (sorry, nothing for the employees)
Many tax credits reinstated for 2010 and extended through 2011 (not the Indian Employment Credit, however)
Many other smaller items (email if you really are interested!)
Stay tuned!

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