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Congress is currently debating the merits of the Bush era tax cuts and deciding where it is going to begin to trim the fat off of the national deficit. Republicans have stated that they would like to start by discontinuing many of the tax cuts that our system currently has in place. The average American could see a significant jump in their taxes starting 2011 if the cuts are not extended. For example, a household family of four, two parents and two children, making approximately $80,0000 could see their monthly paychecks shrink by close to $180 dollars according to statistics put out be the Wall Street Journal. Higher taxes will be the result and an individuals monthly income would be significantly affected. During this time of economic uncertainty and already high unemployment rates, is this something that Congress is really positioned to do? The talk is of decreasing the huge national deficit, but doing for one might severely impair the nation’s ability to further stimulate spending and ultimately economic recovery. Specifically, the Bush-era tax cuts trimmed taxes across a wide array of areas such as on income, dividends and capital gains and reduced the marriage penalty on couples filing jointly, just to name a few. If Republicans have their way, these could be the final days of the Bush era tax cuts. Author: Stephen Johnson
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