They will expire 12/31. If the new congress in Jan is able to keep the existing taxes in place, it will move to make them all retroactive to Jan 1.
Ok, thanks. I want to be sure I understand. If the Lame Duck Congress fails to extend the Bush tax cuts, the new Congress can extend or reinstaste them—retro to Jan 1st.
If this is accurate then Lame Duck Congress gridlock is, indeed, a beautiful thing.
Looks to me like the demrat agenda is materially dead and unlikely to be revived for the foreseeable future—if ever. This assumes Onada is voted out, conservatives retain or improve their House majority and conservative candidates win sufficient seats to take the majority in the Senate in 2012 election.