When the Bush tax cuts — formally known as the Economic Growth and Tax Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 — were implemented, Americans faced lower tax rates than any time since the 1970s. Now, they are set to expire at the end of 2012 — and it has everyone wondering what it will all mean for their finances.
Unfortunately, with the all the political debate (Did the cuts help the economy or hurt it? Will President Obama extend parts of them for another year? Who will be affected?) it’s hard to tell what the tax landscape will really look like in 2013. The possibility of change has one group especially worried: Retirees and those approaching retirement.
After the stock market crash and ongoing recession, this group has taken a major blow, and many of them can’t afford anything else that might put a drain on their savings. Check out some of the potential consequences for this group if the Bush tax cuts are repealed in my new post on GoBankingRates.com: http://bit.ly/S0FmIN