Get ready! Here it comes! Just like before when Congress failed to come up with permanent tax relief, Americans are once again facing a potential tax disaster. If nothing is done, then by the end of 2012, Americans will see their taxes go up substantially. Come on Republicans! Taxes should be lower, but at least don't let them get raised.
At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 -- if Congress doesn't act.
The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent.