Tax cuts for the rich is a lie of the left. The dems are doing this for the election otherwise they would make them permanent.
The Tax Tsunami On The Horizon - IBD - Investors.com
But as of midnight Dec. 31, the death tax returns at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.
Resurrection of the death tax, however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.
The lowest bracket for the personal income tax, for instance, moves up 50% to 15% from 10%. The next lowest bracket 25% will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.