Annual year-end tax extenders legislation has not been considered by Congress yet. And without action by Capitol Hill, businesses across the country could see their taxes rise by next year if lawmakers do not approve a new round of credits, exemptions and incentives included in the extenders for next year.
“There is going to be tremendous nervousness about letting these extenders expire, which would be the equivalent of a tax increase,” said Ken Kies, managing director of Federal Policy Group.
“December is going to be an ugly a month as we have seen in some time.”
In addition, lawmakers are looking for new revenue to help pay for new government programs and pare down the national deficit. Further, taxes on everything from online gambling to soda have been suggested to help fund healthcare reform.
30 November 2009
'Tis The Season
The Hill: After break, 'tis the season to tackle pressing tax issues