Tax expert, E. Lynn Nichols, CPA reflects back on legislative processes and progress in 2011.
2011 is history, but reverberations will continue until after Congressional elections in November 2012. Let’s start with what got done in 2011. Obviously the payroll tax cut and it’s heavily debated extension would be fresh in our memory. The most significant failure, of course, was the descent into partisan bickering of the so-called “super committee.” That was the last hope for meaningful action on over 100 various tax provisions; some now expired, some really creative new proposals, but all doomed to perish in the quagmire of political posturing.