Talks continue to circle around the lack of progress being made towards averting the so-called fiscal cliff. During an interview with Brownfield Wednesday, House Ag Committee Chairman Frank Lucas says if there is no resolve by the end of the year we could revert back to the tax code prior to the 2001 and 2003 changes.
If that happens, Lucas says everyone’s taxes will go up. “Everyone who pays income tax will pay a higher rate,” he adds. “There will be more brackets that we’ll fall into – so everyone’s income taxes go up. The Capital Gains Rate at 15 percent and the Dividend Rate will both also go up.” [Read more...]