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Tax cuts on the cliff

Tax cuts put in place while George W. Bush was president are set to expire, sending federal income taxes higher for most Americans. How would you fare?

Tax cuts on the cliff

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? 

What do others say?

  • : Tax Foundation: “Fate of Bush tax cuts uncertain as expiration approaches” More

  • : Huffington Post Business: “Bush-era tax cuts will cost U.S. nearly $1 trillion over next decade” More

  • : Heritage Foundation: “Taxmageddon: Massive tax increase coming in 2013” More

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