You have undoubtedly heard of “taxmageddon”, which is about to hit you, and all other Americans on January, 2013, unless something is done. The bad news is that it is becoming ever less likely that anything will be done before it hits. Even if the Republicans sweep the elections (for which we can only hope – and work like crazy) they can’t stop it until after they are sworn in after the election, write the laws and get them passed. Which will take awhile while we suffer.
What you probably don’t know is the extent of the tax effects, which extend far beyond the mere expiration of the “Bush Tax Cuts”. Far beyond. You can find all of the particulars in the Heritage article here. There are several useful links within the article that you will also probably enjoy.