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[AnOrdinaryGuy]

Expiration of Bush Tax Cuts Would Cost
Families Thousands in 2011, Study Shows

Millions of families will be faced with thousands of dollars in tax increases
if the Bush tax cuts are allowed to expire at the end of the year, according
to estimates from the nonpartisan Joint Committee on Taxation.

Millions of families will be faced with thousands of dollars in tax increases
if the Bush tax cuts are allowed to expire at the end of the year, according
to estimates from the nonpartisan Joint Committee on Taxation.

A preliminary report obtained by Fox News shows that several tax
ncreases would hit hard if Congress does nothing to minimize the damage
before December 31.

The study found that raising just the lowest income tax rate from 10% to
15 percent would cost 88 million taxpayers an average of $503 next year.

Lowering the child tax credit from $1,000 to $500 per child would cost
31 million families an average of $1,033 in 2011; the reinstatement of
the so-called marriage penalty, a peculiarity in the tax code that forces
some married couples to pay more for income tax than they would if they
were single, would cost 35 million couples an average of $595 each,
according to the preliminary numbers.

Those changes are among a slew of tax increases that are scheduled to
go into effect if Washington does not act.

Income tax rates will rise for almost every bracket, with the bottom rate
going from 10 to 15 percent and the top rate going from 35 percent to
39.6 percent. Dividends and capital gains taxes also are expected to rise.

The Obama administration, though, is pushing a plan to extend the income
tax cuts for middle-class families while letting tax breaks for the top 2-3
percent of income earners expire.

Treasury Secretary Timothy Geithner said on ABC's "This Week" on Sunday
that the plan is the "responsible" route, arguing that it shows a commit-
ment to reining in the deficit. The administration estimates that eliminating
the top-tier tax break would save the government nearly $700 [billion]
over the next decade.

A few prominent Democrats have questioned whether Congress should
selectively halt some tax cuts, as Republicans claim ending the tax cuts
for the top tier will hammer small businesses.

Democratic leaders, though, say the economy can spare higher taxes for
the wealthy and plan for a showdown over the issue before November.

[hlr356]

Ah but how else to spread the wealth .

Would any of it go towards debt I doubt it because , I feel total revenue would go down .

henry