As the 2012 U.S. presidential election begins to take center stage with the mainstream media, individual investors are beginning to hear once again about the likelihood of changes to the U.S. tax code.
The 2010 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act extended the Bush-era tax cuts until the end of 2012. Unless further legislation is enacted, these expiring tax laws (accompanied by the introduction of new taxes resulting from the health care legislation and the limitations on itemized deductions) could result in a significant rise in tax rates (See Table 1).
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