Be prepared to pay a little more to Uncle Sam. Tax cuts put in place under President George W. Bush are set to expire at the end of 2012. Unless Congress intervenes, federal income tax rates will rise for most Americans.
Government figures estimate those cuts added $1.75 trillion to the federal deficit from 2002 to 2011. Tax cut advocates say it’s worth it – allowing people to spend that money and stimulate the economy.
Check out our infographic to see how an elimination of the tax cuts could affect you. See “What Do Others Say?” for more views on tax policy. Then, add to the discussion below. Do you want to see Congress extend these tax cuts? For everyone?