Obama & GOP Reach a Deal on Taxes
This just in…Obama and the GOP finally reached a deal on taxes! I’m not sure why it’s being called a “deal” since the Republicans got just about everything they asked for: The Bush tax cuts are extended for 2 years, the estate tax is set at 35% and only assessed on estates greater than $5 million, and many of the research and development tax credits are still available for businesses. To top it all, there is still a proposal on the table for Social Security taxes drop from 6.2% to 4.2% which would be a huge winner for small business! Let’s keep our fingers crossed! More to come as the details are ironed out, but here is a link to a great WSJ article (http://online.wsj.com/article/SB10001424052748704156304576003441518282986.html?mod=WSJ_hp_LEFTTopStories)
