24 DAYS OR THREE WEEKS 3 DAYS FROM NOW---FIRST TUESDAY IN NOVEMBER
From the HILL
"If Congress does nothing on taxes by the end of the year:
- The estate tax will return to pre-2001 levels, socking estates worth more than $1 million with a 55 percent tax.
- The capital gains tax on most assets will jump from 15 percent to 20 percent.
- Dividends currently taxed at 15 percent will skyrocket to individual tax rates that go as high as 39.6 percent.
- The Making Work Pay tax break will cease to exist.
- The Alternative Minimum Tax will hit the middle class for 2010 tax returns.
- A slew of tax breaks that expired last year, including credits for research and development expenses and relief for college tuition, will not be available for 2010 tax returns.
- The Child Tax Credit will revert from $1,000 to $500.
When combined with inaction on the Bush tax cuts affecting marginal rates, taxpayers would be hit with a tax increase that easily tops $4 trillion over the decade if all the tax issues are untouched. Next year's increase alone would amount to over $200 billion, according to Republicans on the House Ways and Means Committee."