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If you’ve been following my blog or listening to my monthly tax tips, you no doubt are attuned to any news about new tax laws. So naturally, you paid attention yesterday to all the news accounts outlining a plan to take away the home mortgage interest deduction and raise the tax rate on capital gains. The optimist might have heard the plan to cut individual tax rates with a top rate of 23 per cent.
This was big news yesterday with everyone from NPR, to the Wall Street Journal to the nightly news covering the story. Here’s my take away: this is a report from the President’s deficit reduction panel. It is not a proposed tax law. Although some of the proposals may eventually become law, these details will not be acted upon by the end of the year.
Keep checking this blog for updates as current tax law proposals make their way through Congress.

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Last week’s election is behind us. Now the political bargaining begins. Republications say a change to the tax law – before the end of the year – is a top priority. President Obama says he’s willing to compromise, and an extension of current tax laws for all taxpayers (not just individuals earning less than $200,000 and couples earning less than $250,000) is no longer out of the question.

There is no agreement yet. Stayed tuned for updates and bills make their way through Congress.

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