
The good news is that tax rates across the board will not increase as Congress passed a bill late last night to extend the bush tax cuts. This was a big surprise and shift in the Obama Administration’s prior policy to raise taxes for the very wealthy. Instead, most Americans (including the rich) will benefit from the extended tax cuts. The big ticket items cover the marginal income tax, the capital gains & dividend tax, the social security payroll tax, estate tax, and AMT exemption. Let’s review the numbers in more detail. Read More.