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Obama, Congress to Let Bush Tax Cuts Expire; Families Face 'Tax Tsunami' |
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With unemployment rates nearing double-digits status and the federal budget deficit soaring to an unsustainable $1.47 trillion, millions of American families are facing enormous tax increases – at a time when they least can afford it.
A preliminary report, just released by the nonpartisan Joint Committee on Taxation (JCT), said that families will actually bear the brunt of the “tax tsunami” should the 2001 and 2003 tax cuts –a relief plan put forth by President George W. Bush – expire at the end of this year.
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