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Dan Clifton at the American Shareholders Association has the darkest possible view for the future of US tax burdens. He says that under the budget now being put together by the Democrat-controlled congress, the 2003 tax cuts will be procedurally impossible to extend beyond their scheduled expiration after 2010. Here are three must-read docs from Dan:

Line by Line Item of Tax Increases Facing Expiration and their Cost (income, cap gains, dividends, estate, AMT, small business expensing, etc). Taxes will be raised $545 billion through 2012 and $2.1 trillion by 2017.

Tax Cuts for the Wealthy? The new IRS data shows a dramatic increase in progressivity from 1996-2004 despite $764 billion of tax cuts for the wealthy including a slashing of the capital gains tax rate from 28 to 15 percent.

Recent experience of Japan and China?s equity markets in response to higher capital gains taxes.

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