In the movie “Groundhog Day,” the character played by Bill Murray was forced to relive the same day over and over again. For taxpayers and their advisers, 2012 may very well be a version of “Groundhog Day” as we relive all of the uncertainty of 2009 and 2010, as many of the so-called Bush tax cuts are again scheduled to expire on Dec. 31.
On Feb. 13, President Obama released his Federal Budget Proposals for Fiscal Year 2013 and the Treasury Department simultaneously released its “General Explanations of the Administration’s Fiscal Year 2013 Revenue Proposals” (this annual release is often referred to as the “Green Book”). Although the Green Book contains over 130 proposed tax changes for businesses and individuals, the most significant of these changes for individuals involve allowing many of the Bush tax cuts to expire, especially for upper-income and high-net-worth taxpayers.
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