It has been a tough past few years for the majority of the country. We have all felt the sting of the “Great Recession”. We have confronted hurdles of roller coaster volatility in the stock market, gloomy predictions of national debt, unexpected layoffs and unemployment, and suffered with friends and loved ones through a foreclosure or a short sale. These have been historically trying times for us all.
The next hurdle for us to jump over is coming in 2011: Higher Taxes.
Higher taxes are a scary prospect to think of in our fragile, recovering economy. While it seems contradictory to have higher taxes right now, there are a few reasons this is most likely going to happen. Our current national debt is rising, Congress is uncertain in an important election year, and current tax break legislation expires this year. ALL of these issues point to the most significant tax changes in a decade.
