T. Rowe Price

Just when you may have thought that federal tax policy was set - that January's "fiscal cliff" deal meant you could go about your financial life with multi-year certainty - Washington is again talking of comprehensive tax reform.Both key congressional committee heads - Senate Finance chair Max Baucus, a Democrat, and Dave Camp, the Republican chair of the House Ways and Means Committee - have hinted that the impending debt-ceiling increase could be the tree upon which a new tax code hangs.The reform they are envisioning would jettison many tax breaks and use that revenue to lower tax rates. But it's one thing to agree on a concept and another to shake hands on all the details. Virtually every line of tax code has its own constituency, a fact made evident in a 558-page summary of opinions on various tax code measures published Monday by the Joint Tax Committee ().That means the smart money is still betting against personal income-tax reform. The more Congress talks about it, the more th...

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