Ho, Ho, Holdover!

December 21st, 2010
by Portico Wealth Advisors

Santa has put a large gift under the tree this year for taxpayers in the form of the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act. Carefully sliding off the bi-partisan bow and tearing into this 30-pages of calculated compromise reveals a plethora of goodies including rate cut extensions for ordinary income, dividend, and capital gains taxes; depreciation revisions for business owners; and a much needed retooling of the 2010 estate tax sunset. Although many are referring to these bestowals as “permanent,” the bulk of them are only codified through 2012. Seems even $858B gifts don’t last forever.

For a comprehensive summary of the bill:  Click Here