President Obama's proposal for tax reform and a simplified tax code will run into trouble once talk turns to ending specific tax benefits.
Low-income workers may actually pay higher taxes this year, with the loss of the Making Work pay credit.
Dec. 31 is the deadline to sell losing investments, open a Keogh account or donate to charity for the 2010 tax year.
You have one more week to pay property taxes, add energy-saving improvements, dump losing stocks and empty your FSA account.
You may want to buy office equipment, set up a retirement plan or pay next year's health insurance premiums before Dec. 31.
The plan extends tax cuts, including the estate tax and the child tax credit. It also cuts payroll taxes. The unemployed and businesses would benefit, too.
Partly because of the recession, Americans are devoting the smallest percentage of their income to taxes in 60 years.
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MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
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