Q: You have showed how much it will cost me if the Bush tax cuts are repealed and we go back to the Clinton rules. Any chance Bush will be extended for everyone?
A: President Obama will be campaigning to allow the Bush tax rate cuts to expire for upper income taxpayers. The people that seem to be in the know don't think that this will happen. Believe it our not, there may be a little compromise in Washington.
In exchange for keeping the Bush rates will require the GOP to concede on continuing the payroll tax cut for workers, a debt limit hike, and more spending on jobless benefits and other items.
The compromise will give the next Congress time to start serious work on tax reform, and the results of the November elections will be a big factor in how the overhaul plays out.
