Analysis of 2012 Federal Tax Reform, Part One: Proposed Federal Tax Plans Vary on Tax Equity

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Tax rates, spending cuts and the federal deficit are again the center of debate on Capitol Hill. With the Bush-era tax cuts set to expire at the end of 2012, budget discussions will be the major focus over the next couple of months as the American economy continues its fragile course to recovery.

Diverse perspectives in Congress have resulted in several fiscal reform plans, all containing vast and varying implications for American families. These tax packages range from simply extending all Bush tax cuts to letting them all expire, with the most popular plans picking and choosing parts of the Bush-era cuts to remain intact or lapse at the end of 2012.