Congress increases tax rates

[CurtisStevens]

I know in the past, when Congress passed some tax reform and there are reductions in taxes, it would be for the current year. What about when you have tax reform that increases the tax rate. Is it usually always for the next following year? Does anyone remember?  How can people plan for that if they were to sell their business and have a large chunk of income. Then later that yr, congress pass legislation that makes you now owe 4% more on a large chunk of money, for example. 

[fanfare]

You can't plan for what Congress is going to do unless you are a lobbyist.

Talk to your financial advisor and accountant if you are selling a business.