Once the 2003 tax cuts expire at the end of 2010 ALL INCOME LEVELS will be paying higher federal income tax rates of the
year 2000.
This whole issue is moot! We are ALL definitely getting slammed with higher taxes at the end of 2010!
Good point. The MSM always says the Bush tax cuts were tax cuts for “the rich” and the end of those tax cuts is a tax increase only on “the rich.” But middle class taxes will be going up too. So this administration apparently believes the end of tax relief is not a tax increase, or else they’ve only been talking about “new taxes” and their baseline is from the point when the Bush tax cuts expire.