In order to extend the Bush tax cuts you need a new bill. If there is no bill, then the tax rates revert back to the Clinton-era tax rates. Of course it requires passage by both houses of Congress and the signature of the President. Where have you been?
From Dec. 17, 2010:
“The bill [that Obama signed], which was largely worked out earlier this month between the White House and Congressional Republicans, extends the Bush-era tax cuts for all Americans for two years, extends unemployment benefits for 13 months and includes a one-year Social Security tax cut, among other measures.”
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Thanks for your patience kabar! The way I had read this 2010 action was that it was Obama (by himself) had extended the cuts. I don’t recall the huge clash and “emergency” that we have now, so I thought it was a simple thing of him just “extending the current bill”. I suppose Obamacare was thick and heavy around that time(?), so perhaps the tax increases and ensuing drama were saved for another day.
Still - I wish the Republicans would lay the burden on Obama - if it was good enough two years ago, it is good enough for today. The economy has not improved that much, even by official numbers. (If any in actual “main street” reality).