That brings up the question of which tax deductions would you pick?
It also forces taxpayers and lawmakers alike to consider the high cost of popular tax breaks. If tax reform is ever achieved, many of these deductions, credits and income exclusions likely will disappear in exchange for even lower tax rates.
Meanwhile, some of tax breaks, such as our current Bush-era income tax rates, are scheduled to expire on Jan. 1, 2013. That's part of the so-called fiscal cliff we're facing.
As the deadline to deal with expiring tax breaks as well as with automatic spending cuts nears, some business executives are urging that Capitol Hill find a way to compromise, cutting spending as well as raising some taxes to avoid falling off the fiscal cliff.
Will they? Who knows? So stay tuned to see what happens in these continuing tax sagas.
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