With the rising deficits and a series of tax reductions enacted in the first term of the Bush administration, many tax practitioners are starting to feel that the tax situation for their clients is never going to get much better than it is right now.

President George W. Bush has dedicated his second term to Social Security reform and fundamental tax reform, but he has said that tax reform should strive to be revenue neutral. Congress has, however, managed to craft a budget agreement this year that calls for additional tax cuts.

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