While an administration and Congress may differ on the tax proposals that they want to see passed, especially when each is controlled by a different political party, there often are some areas of agreement. In addition, certain provisions may become acceptable as tradeoffs. Still others make it into law due to issues that may spark widespread public attention.President Bush's tax proposals within his fiscal year 2008 budget - contained in the Treasury's general explanation of the administration's FY 2008 revenue proposals (a.k.a. the "Blue Book") - have something to fit each category.
Irrespective of their eventual fate, the revenue proposals as presented in the Blue Book must be taken seriously at this point, and given serious consideration in the formulation of current tax strategies. "What if" a particular proposal passes? How should that possibility change tax planning now? Here are some educated guesses.
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