One of the issues looming over the congressional schedule, budget and the presidential election is the expiration of the Bush tax cuts. These taxes are set to increase on 1 January by an average of $1,600 for 114 million middle class families, according to a Council of Economic Advisors (CEA) report released by the White House, as tax cuts -- including the expanded Child Tax Credit, the 10 percent tax bracket, marriage penalty relief and the American Opportunity Tax Credit -- will expire. CEA estimates that taxes would increase by $2,200 for a "typical middle class family of four."The report notes that President Obama and the congressional Democrats have proposed extending all the income tax cuts that benefit families with incomes less th...

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