A recent survey of a broad cross section of leading tax executives indicates that there is a low expectation within the business community for the passage of any important tax legislation during the remainder of 2012. Those surveyed believe that the main reason for this is the upcoming general election, along with the split in the houses of Congress. The Policy Forecast Survey under discussion was completed last month by top business tax executives selected from a wide range of US and multinational corporations.
Most of the business tax executives polled in the recent survey indicated that they thought the majority of any tax legislation passed in the remainder of the year would focus on tax provisions that have already expired or are set to expire before January 1st, 2013. The executives generally expressed the opinion that some of the focus would be on extending traditional tax breaks such the Research and Development Tax Credit, the deduction for state income taxes, and the Alternative Minimum Tax.
The business tax executives who completed the survey were evenly split on whether they thought tax legislation would be passed before the end of 2012 to extend the Bush Tax Cuts of 2001 and 2003. These tax cuts include reduced individual tax rates as well as reduced tax rates on dividends and capital gains. Approximately half of business tax executives polled thought that legislation to extend the Bush Tax Cuts would be enacted before the end of 2012, while the other half thought that nothing would be done.
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