Slide Show | May 2012
How Lower Rates from Tax Reform Could Raise Your Tax BillFollow @Kiplinger
But here's a man-bites-dog alert: It's likely that tax rates will go down -- that's right, down, not up -- when Congress tackles fundamental tax reform (perhaps as early as 2013).
The Simpson-Bowles tax reform proposal, for example, says the top rate could drop to 23% if lawmakers eliminate all "tax expenditures" (tax-geek talk for deductions, credits, and various and sundry other tax breaks). But lower rates can come at a cost beyond the loss of a cherished tax break. Read on to find out how: How Lower Rates from Tax Reform Could Raise Your Tax Bill