Without action, a host of taxes would increase next year. The marriage penalty would return, the dependent credit would drop from $1,000 to $500 and capital gains taxes would rise. Luetkemeyer says the only wiggle room the Obama Administration has given itself is to keep some breaks intact for individuals making less than $200,000 and couples making under $250,000. The nonpartisan Congressional Budget Office has stated that extending some of the tax cuts could help boost the economy, though, it cautions that such a stimulus would come with a price: higher budget deficits and deeper debt.
A member of Missouri’s Congressional delegation would like to see Congress extend the tax cuts enacted by President Bush, but doesn’t see that happening. Northeast Missouri Congressman Blaine Luetkemeyer keeps hearing comcerns on the estate tax as he tours the district: