Since this is our first column of the New Year, it may be particularly appropriate to look back into 2007 to try to predict some of what will happen in 2008. The history of important tax developments that took place in 2007 is rich and varied. Shakespeare's "What is past is prologue" was never so apt.In that spirit, we have selected 10 developments as standouts in terms of their impact on the future, and especially on 2008 tax strategies. We explain each of these top 10 below. And, of course, respecting the difficulty of prioritizing just 10 2007 tax developments as most significant, we conclude by listing several more as runners up!
No. 1: AMT. 2007 has set the stage for the eventual resolution of the exponentially growing grasp of the alternative minimum tax on taxpayers of many different categories, but especially an expanding upper middle class. Admitting there is a problem, however, is only the first step, with full reform or repeal likely awaiting resolution of the 2008 elections. In the meantime, then, 2008 promises to be another exercise in juggling income and assessing the true benefit of deductions and credits when the AMT, rather than the regular tax regime, is required to be applied.
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