Will you pay more when Bush tax cuts expire?

Springfield News-Sun reports:

Here’s something that will make your April 15 even bleaker: If Congress does nothing for the rest of this year, just about everyone who pays federal income taxes will owe more next year.

If you make $75,000 a year and sell a stock for a profit, next year you’ll pay a higher capital gains tax. If you take a $1,000 tax credit for having one child, you’ll only be able to take $500 in 2011.

And if you are a family making more than $250,000 a year, some of your itemized deductions will vanish and you will pay more taxes on income, capital gains and stock dividends.