Of immediate concern is the plight of the tax provisions enacted in 2001 and 2003, which are set to expire by the end of this year. In addition, several other provisions which were enacted at the end of 2010 are also about to expire by the end of 2012. The tax discussions in Washington are part of a gargantuan debate which includes automatic budget sequestration culminating in a perfect storm famously referred to as the “fiscal cliff”. We are now witnessing the opening arguments for what promises to be a long and arduous set of negotiations.
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