Taxmageddon...

If the current tax laws aren't changed before this coming January 1, we face “Taxmageddon”, including the likely loss of 30% or so of the stock market's value.  Such a thing is not in the interest of either major political party, so my bet is that the laws will be changed in time to avoid this.  Given the current state of political polarization, the most likely scenario is a “kick the can down the road” sort of fix – one that lasts a year or so, well past the upcoming election.  That's exactly how we ended up in the current position, thanks to our incredibly disfunctional government and its perverse political incentives...