Talking Points

Will income taxes go up at the end of the year?

Republicans and Democrats agreed in 2011 to extend Bush-era tax cuts for everyone for one year. If they don’t extend the cuts again before year’s end, everyone’s income taxes go up. President Obama wants to renew the cuts only for families making less than $250,000 a year. Republicans want cuts for everyone. The vote will be after the November elections, however, so control of the White House and Senate will be key factors.