The Bush tax cuts, which mainly went to the rich (who got huge cuts while other Americans got tiny cuts), are scheduled to expire at the end of this year. Neither party wants all of the cuts to expire. The Democrats want to keep the small cuts for those making under $250,000 a year, while the Republicans want to keep the cuts for the rich. Last year, the Democrats gave in and voted with Republicans to extend all the cuts, but that is unlikely to happen this year. The Democrats can read the polls, and they know that a large majority of Americans think the rich should be paying more in taxes.
So what's going to happen? It's starting to look like nothing will happen. Since neither side has the votes to get their way in the current Congress, it is starting to look like they both may just wait until the new Congress meets next year. That means they will let the cuts expire for everyone.
Both parties are hoping to do well enough in the November elections to get their way next year. They would then pass a new tax cut bill in 2013. If Romney and the Republicans win in November, those new cuts will go to the rich and the corporations. If Obama and the Democrats win, the new tax cuts will only go to the working and middle classes. In other words, they are going to let the voters decide who will get tax cuts and who won't.
This is just one more reason (among many) to vote the Republicans out of office in November.
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