In a few short months, the Bush tax cuts are set to expire and if Congress doesn’t extend these tax cuts an estimated $135 billion could be taken out of the hands of the people by the government in new taxes. Adding around $1,541 in new taxes per household could break the backs of many people in an already struggling economy.

According to the nonpartisan Tax Foundation, not renewing the Bush tax cuts will represent a huge jump in taxes for the middle class. For example, a middle class family with a yearly income of $63,366 would pay around $4,964 in taxes. That is a big jump from the $3,423 that the same middle class family is paying presently. While President Obama and Treasury Secretary Geithner have insisted that they wish to keep the tax cuts for the middle class intact, they have also made it clear that they fully intend on targeting entrepreneurs and job creators with higher taxes by simply letting the Bush tax cuts sunset in 2011. With an already high unemployment rate, imagine the impact on an already struggling nation.

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