Here's some more news from the campaign trail that may affect your taxes. On April 9, former Pennsylvania senator Rick Santorum suspended his campaign for the 2012 presidential race. This move effectively clears the way for former Massachusetts governor Mitt Romney to assume the Republican nomination.
Romney has made taxes a centerpiece of his campaign, and we expect to see even more attention focused on the issue as November draws near:
Romney would make the Bush tax cuts permanent.
He would cut top rates to 25% for both individuals and corporations.
He would eliminate tax on interest, dividends, and capital gains for taxpayers making under $200,000.
He would eliminate the estate tax entirely.
He would eliminate the Alternative Minimum Tax (AMT) as well as new taxes imposed by the 2010 healthcare reform legislation.
Most tax professionals see their clients just once a year. But we realize that this year's Presidential race will have a major effect on your taxes. So we're committed to tracking both candidates' tax proposals, letting you know how they affect your wallet, and offering proactive suggestions to plan for tax law changes. We're not here to take sides. We just want you to know we've got your back.
We'll be following the race carefully through November and beyond. So, if you have questions, don't hesitate to call us at 954-591-8290.