Deficit Reduction and The Budget Control Act May Lead to Dramatic Tax Changes

Following is a report written by Martin M. Shenkman, esq., with input from Steven B. Gorin. This report outlines some of the changes in tax laws facing everyone in the United States. Following are some highlights from the report.

  • Deductions or tax expenditures may be restricted or repealed in order to justify lowering marginal tax rates.
  • Home mortgage interest deduction may be up for consideration.
  • Possibility of restriction on charitable deductions.
  • Alternative Minimum Tax (AMT) may be abolished.
  • Possible raise of the Capital Gains Tax.

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