Elections, Taxes and Lame Duck

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Since the polls closed and results started flowing, people have been trying to analyze what the future holds for tax issues in the lame duck session and into the new year. It is hard to predict accurately what will unfold. There are various reasons for members of Congress to act now on some issues and just as many reasons to wait for the new Congress to be seated. It is seems likely that the Bush tax cuts will top the agenda and could dominate the available time during lame duck. While many businesses, small and large, are pushing for passage of tax extenders before the year expires, there may not be an appetite or opportunity to address this issue before next year. There will be a flurry of activity between members preparing to leave Congress (whether due to retirement or election loss) and new members coming in and gearing up for the next Congress.
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