The Bush era tax cuts expire at the end of the year, setting the stage for a high-stakes debate just before congressional elections in November. If Congress fails to act, families at every income level will see more taxes being withheld from their paychecks come January. Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.
A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500. Republicans and a growing number of Democrats in Congress want to extend all the tax cuts, at least temporarily.
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