The Aftermath of The Elections: Where Does That Leave Taxes?

The to do list for this lame duck Congress looks like it cannot be ignored until next year, as is historically the case.  The truth is there is too much about to happen and too little time to let it happen in. Not too often do we see such a large pile of work facing a party that went through so much at the polls. They all have to go back to work come November 15^th for a post election session.

As of right now there are a number of things that are going to be affecting this country’s taxes paid.

The Federal Reserve Bank plans to pump hundreds of billions of USDs into the U.S. financial system by June of 2011. The Tax Breaks that have been in place since the Bush Era are set to expire at the end of this year. Do they give seniors a $250 Social Security special payment? What about unemployment benefits? Many republicans will insist that any extension of these benefits to the long term would need to be financed by cutting spending elsewhere, but it could be the product of more tax hikes.