In his speech last week, the president outlined several changes in income taxes for 2012 on – called the American Jobs Act = that will raise taxes for some (over $200,000 in AGI for singles, over $250,000 for married joint filers – haven’t we heard this before?) and lower payroll taxes and give tax credits to others. Here is a link to an article about the proposed changes:
http://taxes.about.com/od/deductionscredits/a/American-Jobs-Act.htm
It will be a tough fight through Congress to get this passed as is. I will keep you posted on new developments.