This year will mark the final year of many of President George W. Bush’s tax cuts from 2001 and 2003. Many deductions and tax cuts are set to expire this year and there’s a lot of talk about what Congress and President Obama will do. One plan that was thrown out about a month ago is the Wyden-Gregg Tax Plan, titled S. 3018 The Bipartisan Tax Fairness and Simplification Act of 2010.
It’s sponsored by Ron Wyden, Democrat Senator from Oregon, and Judd Gregg, Republican Senator from New Hampshire, and it was introduced in late February. You can read the text of the draft bill here but here were the big takeaways I read. According to OpenCongress, the bill is currently in the Committee on Finance.
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