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What’s on the tax reform agenda in Congress?

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in Small Business Tax,Small Business Tax Deduction Strategies

The 12 members of the bipartisan “super panel” appointed by Congress are meeting to try to whittle down the national debt to a manageable level. And you can bet tax reform is on the table.

Alert: Virtually every tax code provision is up for debate. The committee is expected to leave no stone unturned in its efforts to resolve the debt crisis.

What tax reform proposals can we expect to emerge from these closed-door meetings? Here are six:

1. Individual income tax rates: Currently, individual income is taxed under a graduated rate structure with six brackets ranging from 10% to 35%. Unless Congress takes action, the bottom rate will revert to 15% while the top rate will jump to 39.6%, beginning in 2013. A few ideas floating around our nation’s capital—including proposals by the White House Deficit Commission and the Congressional “Gang of Six”—would use a simplified three-bracket structure with a top tax rate below 30%.  

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