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Tax Outlook: 2012 and Beyond
Robert A. Gambardella, CPA CTC
“Marginal” Tax Rates
Source: TruthandPolitics.org
“Taxmageddon!”
• Bush tax cuts expire• Payroll tax cuts expire• AMT “patch” expires• Medicare taxes kicks in• Estate taxes revert to Bush-era levels• Spending “sequester” kicks in
“Bush” Tax Cuts Expire
Bush Tax Cuts: Capital Gains
Bush Tax Cuts: “Qualified” Dividends
?
Business Tax Changes
• Extend “first-year expensing” to $500,000• Extend 50% “bonus depreciation”
Payroll Tax Relief Expires
• Cut FICA/SE tax by 2%
AMT Patch Expired
Estate Tax Comes Back to Life
2013 Outlook
2013 Outlook
What Now?
