Bush Tax Cuts: What You Need to Know?

There has been a lot of blogs on the Bush Tax Cuts. This article breaks down the basics on the subject.
If Congress does not continue with the Bush tax cuts then everyone's income tax will increase. However, if you make less than 200,000 then it is unlikely that your taxes will increase. If taxes do increase, it is likely that consumer spending will decrease and economic growth will slow dramatically. However, if they do not change, tax payers will not notice a difference and economic stimulus may not change. The political pressure of ending the tax cuts for those families making over 250,000 will be an issue as Republican and Democrats argue over the logistics. In short, it is truly difficult to predict what will happen due to party difference and inter-party differences. However, chances are high that middle and lower tax brackets will continue with the cuts since both parties are in favor.