The rush by taxpayers to harvest capital gains before the end of 2012 in light of expected tax increases suggests that previous advice to the contrary may have been overblown, writes Michael Kitces. "[W]e may be grossly overvaluing the actual benefit of deferring capital gains in the first place, and the unwillingness to harvest capital gains may be part of a broader tendency to allow the tax tail to wag the dog far more than it should," he writes.

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