Alert
Close

Think you know AARP? What you don't know about us may surprise you. Discover all the 'Real Possibilities'

Highlights

Open

Contests and
Sweeps

Dream Vacation Sweepstakes

10 weeks. 10 amazing trips. Seize your chance to win!
See official rules. 

Driver Safety

Piggy bank on the road - AARP Driver Safety

Take the new AARP Smart Driver Course!

PROGRAMS

AARP Foundation Tax-Aide

You can get free, face-to-face tax assistance nationwide.

Money Matters Tip Sheets

Download and print out these PDFs to help with your financial matters.

AARP Books

Visit the Money Section

Enjoy titles on retirement, Social Security, and becoming debt-free.

webinars

Learn From the Experts

Sign up now for an upcoming Money webinar or find materials from a past session. 

Jobs You Might Like

most popular
articles

Viewed

Commented

Ask the Experts

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 "super-committee," the 12 Washington lawmakers who are struggling against a Thanksgiving deadline to craft a deficit reduction plan that could actually pass Congress.

Solar panels on a roof - a possible tax credit for 2012.

Solar panels are one of many possible tax credits for 2012. — Photo by Larry Landolfi/Getty Images

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 payroll tax, 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 lower the deficit. 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: Cut your taxes for 2011. >>

Carole Fleck is a senior editor at the AARP Bulletin.

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

your money

Discounts & Benefits

Explore Your Learning Possiblities