OUTLOOK: $3 Trillion in Expiring Tax Cuts Await Congressional Action

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Congress is unlikely to get a rest after completing its grueling march toward health care system reform because of a long list of “must-pass” legislation needed to keep taxes from rising across the board in 2011. Lawmakers are expected to immediately take up estate tax reform once the health care reform bill is completed. Predictions for potential tax provisions in a Senate climate bill range from uncertainty over specifics to the possible hybridization of its cornerstone cap-and-trade program with a carbon tax.