President Obama wishes to keep the tax cuts for incomes lower than $250,000 but allow them to expire for incomes higher. However, Republicans are fighting to keep the cuts for everyone. Many believe that the taxes will be temporarily extended (one or two years) for all incomes.
New laws that were passed just this year state that lawmakers are obligated to pay for any extension of the Bush tax cuts that apply to the households with incomes over $250,000. However, if the extension of the cuts is deemed "emergency spending" the rule can be waived and the difference will be added to the budget. This is what is predicted to happen.
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