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October 15, 2010 — How Will The Expiring Bush Tax Cuts Affect You?

Some of the major tax cuts implemented by the George W. Bush administration are due to expire in 2011 and 2012. If congress doesn’t extend them, you may be faced with some rising costs. The two largest tax-cutting bills are the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, and the Jobs and Growth Tax Relief Reconciliation Act of 2003, both of which will have serious financial implications for many individuals if they are allowed to expire. One key provision that is set to terminate at the end of this year is the child tax credit, which was increased from $500 to $1,000 per child by EGTRRA. If Congress refuses to extend it, we will see the maximum amount regress back to $500 for tax year 2011, as well as a reduction in the number of qualified families due to tougher eligibility standards that preceded EGTRRA. Read on for more information on how this might affect you and your family.

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Yolla at October 15, 2010 01:23 PM

This is a great article, I learned thing from here that I really didn't know, Thanks for this