Taxes are going up any way that this comes down. We need to take the fire out of Obama's rhetoric. He wants to raise top end taxes to 39.6%, and that he wants to raise the inheritance tax. Give it to him! A single bill from the house that raises taxes on anyone making over $250K to 40%, but excludes any income on a Schedule K in which the taxpayer is an officer of the company (i.e. excludes profits from small businesses). Raise the inheritance tax but exclude the value of land, buildings, and equipment used in farming or small businesses. Lower the tax rate by 1% on everyone else. Eliminate the deductions for state and local income taxes.