Will Taxes Go Up in 2012 - Clue Is Super-Committee Report, Results - AARP Eve...

Will Taxes Go Up in 2012

No one knows yet For clues watch the congressional ' super-committee'

Q. With all the talk about the budget deficit and reforming the tax code, should I expect to be paying more in taxes in 2012? A. So far, that's anyone's guess. Watch for the report of the "," the 12 Washington lawmakers who are struggling against a Thanksgiving deadline to craft a deficit reduction plan that could actually pass Congress. Photo by Larry Landolfi/Getty Images Solar panels are one of many possible tax credits for 2012. In the meantime, some political pundits predict that higher-earning workers will have to pay more, either through higher income tax rates or more limited deductions. There's also the question of whether Congress will keep the , which funds Social Security, low in 2012. For 2011, it was cut to 4.2 percent, two percentage points lower than usual, as an economic stimulus measure. Polls show that some voters say they'd be willing to pay more taxes to . But they also say the current tax system is too complicated or unfair. Presidential candidates from both parties have proposed changes, including closing loopholes to raise more revenue and implementing a flat tax that would restructure the tax system. Also of interest: Carole Fleck is a senior editor at the AARP Bulletin.

Related

Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

Close In the next 24 hours, you will receive an email to confirm your subscription to receive emails related to AARP volunteering. Once you confirm that subscription, you will regularly receive communications related to AARP volunteering. In the meantime, please feel free to search for ways to make a difference in your community at Javascript must be enabled to use this site. Please enable Javascript in your browser and try again.