Most people feel the tax crunch around April 15. For Congress, it’s already here.
The lame-duck session has to address a host of tax reduction provisions enacted in 2001 and 2003 during the first term of President George W. Bush, and due to expire on Dec. 31. At issue is who will keep which tax cuts and for how long?
Failure to act would bring on a New Year’s hangover for nearly three-quarters of U.S. taxpayers. The provisions govern not only the rates at which earned income is taxed, but several other key measures that were intended to lighten the load on individual taxpayers.