A Looming Tax Grab Will Also Have A Significant Impact On Middle-Class Americans | IBD

Imagine if your taxes tripled — literally overnight.

The so-called Bush tax cuts are set to expire at the end of the year. That means that all of the current income tax rates will rise to pre-2001 levels overnight. The lowest rate will jump from 10% to 15% and the highest from 35% to 39.6%. Although Congress extended all of the cuts at the end of last year, some Democrats have pledged to let the tax cuts expire for the “rich” — individuals making $200,000, and $250,000 for families. Continue reading