The central provisions of these landmark tax bills are scheduled to expire over the next five years, which means that taxes will rise dramatically for most taxpayers. Between now and January 1, 2011 (five short years away),
•Tax rates will rise substantially in each tax bracket, some by 450 basis points;
•Low-income taxpayers will see the 10-percent tax bracket disappear, and they will have to pay taxes at the 15-percent rate;
•Married taxpayers will see the marriage penalty return;
•Taxpayers with children will lose 50 percent of their child tax credits;
•Taxes on dividends will increase beginning on January 1, 2009;
•Taxes on capital gains will increase, also beginning on January 1, 2009; and
•Federal death taxes will come back to life in 2011, after fading down to nothing in 2010.
Letting these expire will only make the current economic depression worse.
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