Maybe I am missing something, but this deadline scare seems to be just that a scare. Wouldn't the true deadline be the end of the year, not the start of the year? I haven't heard this anywhere so I may very well be wrong, but why wouldn't they be able to vote to give some people a tax cut later in the year before they would be required to file? Of course the exception would be the people hit with the higher estate tax if a death occurred before that would likely be negatively effected.

I do understand that the longer it would take how it could have a negative effect on the economy, but my point is they should be still able to do this even after the end of the year, no?