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Recent developments in US tax policy

What now for US tax policy in the face of the ‘fiscal cliff’? The hope is that the fiscal gridlock of the past few years is finally about to ease.

When a triumphant Barack Obama entered the East Room of the White House on 9 November to offer his first remarks on the economy since a convincing re-election victory three days earlier he sent a key message on the direction of US tax policy.

‘We can’t just cut our way to prosperity ’ Mr Obama said. ‘If we’re serious about reducing the deficit we have to combine spending cuts with revenue – and that means asking the wealthiest Americans to pay a little more in taxes ’ the president said to applause from the audience.

After a campaign that was vigorously fought over the size and role...

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