Whenever the balance of power shifts in Washington, the question arises: "Will taxes go up?"
Tax experts predict that Democrats are unlikely to make any moves over the next two years that would boost taxes or roll back President Bush's tax cuts, which are set to expire at the end of 2010. After all, they’re hoping to win back the White House in 2008; besides, President Bush could veto any such attempts.
In fact, the Democrats may even try to make permanent two tax breaks created over the past five years, according to Clint Stretch, managing principal of tax policy at Deloitte Tax LLP: the increased child tax credit and increased marriage penalty relief.
Nevertheless, when the new Congress convenes in January, the Democrats are expected to at least raise these issues: curbing company tax breaks on executive pay, imposing a windfall profit tax on oil companies, reforming the alternative minimum tax and boosting the estate tax exemption.
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Taxes
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