Reply #12: 'not quite- the lower bracket bush tax cuts are also scheduled to sunset' [View All]

[Statistical]

All of the tax cuts enacted in 2001 and 2003 will expire in 2011.

Obama has "promised" to extend the tax cuts for those making <$250,000 (which is a weird number because it doesn't correlate to any tax bracket) but that is just a promise. Until any such extension passes both houses (including 60 votes in Senate) and is signed by the President it will expire on Jan 1, 2011

There are 3 possibilities:
a) they need to extend all the cuts to get 60 votes - so everything extends.
b) they are able to get votes to only extend cuts for middle class & poor - I think is unlikely but we will see.
c) no legislation or Obama vetoes - everything expires.

On edit: edited for accuracy.