What End of Bush Tax Cuts Means for You ? Yahoo! Finance ...

The so-called Bush tax cuts are scheduled to expire at the end of this year. While you may already know that, you may not fully understand what?s in store for you and your family. Here?s what to expect.

Higher Tax Rates for All

You may think only individuals in the top two brackets will face higher federal income taxes if the Bush cuts go bye-bye as scheduled on Jan. 1, 2013. Not true. Unless Congress takes action and the president goes along (whoever that is), rates will go up for everyone ? not just ?the rich.? Specifically, the existing 10% bracket will go away, and the lowest ?new? bracket will be 15%. The existing 25% bracket will be replaced by the ?new? [continue reading in new window...]

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