What is the exact date that the Bush taxcuts for the rich are scheduled to expire

[bluestateguy]

I may hold a party.

[Ozymanithrax]

1. December 31, 2010.

[jtrockville]

2. I think most expire Jan 1 2011. Many folks will be celebrating with you.

[leftstreet]

3. They will never expire. The Repubs will take the majority at the midterms

...and there ya go

[warm regards]

4. Actually, if the economy doesn't improve, many Democrats will be reluctant

to raise taxes.

[Foo Fighter]

12. So why don't the Dems repeal it now while they're still in power?

It should be included in the HCR bill since Obama said he'd pay for HCR by repealing the tax cuts.

Some would say it would be a deal-killer for HCR. OK, in that case, put the repeal of the tax cuts in the next military appropriations bill. After all, we have to pay for our wars somehow, right?

[Statistical]

5. December 31st but bad news is unless Congress acts taxes go up for us too.

* The 10% bracket goes away replaced by 15%.
* The 25% bracket becomes 28%.
* The child tax credit gets cut in half.

Congress could enact and extend (or make permanent) just the portions that affect middle class but I am not sure they will.

[yodoobo]

7. they will. They have to in fact.

One of the bedrock platforms is that taxes will not rise for those making less than $250k.

[Statistical]

9. I hope so but I am not that optomistic a lot of "bedrock principles" lately seem be made of sand.

I will acept it but taxes rising on middle class will affect consumption which affects demand which reduces re-employment and will keep unemployment higher.

Rich person spends a small fraction of their income relative to middle class or poor (which spend essentially 100%) so a raise there would be bad for economy.

[TheIdiot]

6. i don't know about the rich,

but the tax rate on my income goes up effective 01-01-11.

[Statistical]

8. It is one year earlier.

Bush tax cuts (all of them for all income brackets and all situations) expire and end of 2010.

On edit: I must be seeing things I could have swore I say 2012.

[pwb]

10. When will we see the great effects of these tax cuts?

The country is still waiting.

[Donnachaidh]

11. uhh - you're seeing it -- we're BROKE.

Two wars, economic collapse AND tax breaks for the upper elites -- thank Bush Co.