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Will Taxes Go Up Or Down? Congress Must Act On Bush Tax Cuts and More

Many want to keep the Bush tax cuts in place to help the economy while it recovers.

Many want to keep the Bush tax cuts in place to help the economy while it recovers.

The lame duck congress must decide what taxes it will keep or adjust or just get rid of in the next session, and they must decide before the end of the year.

The list is pretty long, it includes the Bush tax cuts, which many believe need to stay in place to help the economy pull through and to help employers hire. If the tax cuts expire, everyone will be looking at a skyrocketing in tax rates, rich, middle class, and the poor.

The alternative minimum tax will hit 21 million additional families if it is not adjusted.

The estate tax will skyrocket to 55% on New Years Day from 0%, which means families must pay to the government 55% taxes on their estate.

Many deductions that people take to lessen their tax burden and increase their refund may also be slashed if congress, which is now partially under Republican control, does not do the right thing and keep taxes low while the economy recovers.


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