No progress has been made on the extension of the 01 & 03 tax laws. The Senate decided today to wait until after the November election. Click here for information from the Associated Press (Philadelphia Inquirer).
The Wall Street Journal has additional information here. Also, the Wall Street Journal had an article some time ago (Feb 2009) which debunked the Democrat line that they can tax the wealthy (those making more than $250k) and this will solve the budget problems (2% illusion). The vast majority of income is within the middle class and any tax hikes will include those income earners. That article is located here.
The expiration of the Bush era tax cuts will have a tremendous impact on middle class income earners. Check the recent analysis done by LFC here. (State taxes - MN)
