As we have been predicting, we do not see the Administration passing any Tax Legislation before the November 6th elections. Well, Congress has gone on recess until after the elections, so there will not be any legislation passed in the meantime. This puts us directly in the path of the Bush Tax Cuts expiring the end of this year and Congress having less than six months to address. Congress adjourned with a pile of unfinished business, not only on taxes, but on the budget, farm policy and legislation to save the Postal Service from insolvency.
The last six weeks of 2012 should be very active. We will keep you posted as pending tax legislation makes its way through Congress.