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Saturday, August 14, 2010

Do you remember the pre-2001 tax cut rules?

While it seems most people think that many of the 2001/2003 tax cuts that expire in a few months (at the end of 2010) will be renewed, it hasn't happened yet. And even though the cuts affecting about 96% of individuals (those making under $250K if married or $200K if not married) are excepted from the PAYGO rules (so don't need an offsetting tax increase or spending cut to be renewed), it hasn't happened yet.

So, I ask the question - how well do you remember what the law looked like before the tax cuts - the law that all comes back into effect on January 1, 2011 (pending any renewal)?

I've got a short article in the AICPA Tax Insider for 8/12/10 with a 12-question quiz - give it a try! Click here.

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