The President will be looking to passing some significant tax increases this year, for a 2013 start. I expect these to actually go into effect if not this time, it will happen sooner or later.
Taking the current top two brackets 33% and 35% tax brackets and raising the rates to 36% and 39.6%, respectively, after 2012. Hiking the top capital gains rate to 20% after 2012 for filers in the two highest tax brackets and taxing their dividends at ordinary income rates. Limiting the tax benefit of itemized deductions to 28% for taxpayers in higher brackets. Reinstating phaseouts of personal exemptions and itemized deductions from prior law. Reducing the estate tax exemption to $3.5 million and increasing the rate to 45%.