Just because Congress is considering changes to the tax code doesn't mean they will happen.
Having said that, I'm trying to recall a list of specific things being tossed around. Those things include:
Changes to mortgage deductions Changes in marginal rate classes Change in employment payments towards employee benefits
What am I missing?
Child tax credits was among the other things I read
Tax penalties for not playing the health insurance game (i.e. wealth reform will be reviewed). Death taxes. Taxing hedge funds' short term gains at long-term (15%) rates. Corporate rates (U.S. is amongst the highest at 35-37% while many EU countries are below 27%).
There are frequent changes to tax laws that are not widely publicized, such as taxing capital gains on bonds purchased after 1993 as ordinary income. Tax shelters were apparently eliminated entirely as of a few years ago, or at least I've heard nothing of them. Only those who smoke would be aware of the fantastic escalation in taxes on cigarettes. As utility, cable, and phone bills increase, so do taxes paid.
Where the money is "spent" is what needs to be changed. E.g. California has tried to eliminate funding illegal aliens, and the propositons have been resounding successes, but within weeks some judge rules them "unconstitutional." When an illegal (note the word) gets your tax dollars, I tend to think something is wrong with the way tax dollars are spent. I'm sure there are other similar issues of government give-aways ... not to mention bailing out the criminals at banks, a couple of whom got slaps on the wrist so light even the judges who routinely approve settlements questioned what the SEC thought it was doing..
On the morning wires:
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