Runaway Deficit Leaves Pols With Poor Choices on Taxes

Publication: ABC News

Author: Alan Farnham


12/01/2010 - Uncertainty about Americans' tax future reigns in Washington: Will Bush-era tax cuts be allowed by Congress to expire Jan. 1 or will they be extended? And if extended, how long and for whom? A meeting yesterday between the president and Republican leaders did little to clarify what taxpayers can expect in 2011.

"It's a mess!" says attorney Barbara Weltman. "I've never seen such uncertainty." She's been dispensing tax and business advice for 30 years.

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Correction: Six options, says Ingrid Schroeder, director of the Pew Financial Analysis Initiative—a project aimed at strengthening the U.S. economy: Whereas Obama's proposal defines the middle class as anyone making up to $250,000 a year, a sixth proposal now circulating defines middle class as anybody making up to $1 million.

Read the article Runaway Deficit Leaves Pols With Poor Choices on Taxes in its entirety on the ABC News Web site.

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