The Hill News

Before the end of this year, Congress must address the huge impending tax hikes that will go into effect on January 1st if no action is taken.  These increases will occur because tax bills passed in 2001 and 2003 temporarily slashed rates in order to stimulate an economy that was mired in a mild recession. The top marginal tax rate will go back to 39.6 percent from 35 percent, with corresponding increase in rates for lower tax brackets.

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