Do you actually think at this point in the game they want to bring more uncertainty to the market, no way. They will be extending these tax cuts once again no matter how much the cost. These tax cuts have been in place for far to long to end them now especially during these times of crisis. The cost doesn't make a difference, they are trying to make you think it does but in reality the risk of not passing these tax cuts certainly outweighs the risk of passing them. So sit back and relax and dont worry about this being news any longer. The tax cut extension will be here shortly. Factbox: How Much Would Tax Cut Extension Cost? Published: Tuesday, 16 Nov 2010 | 4:20 PM ET Text Size By: Reuters Income tax rates for nearly all U.S. taxpayers will rise at the end of the year unless Congress agrees to an extension of the Bush-era tax cuts for some or all income levels. Deborah Harrison | Getty Images Democrats and Republicans agree on an extension of lower rates for individuals earning less than $200,000 but disagree on whether to extend those rates for the highest earners. Republicans say the economy cannot stomach higher taxes; Democrats say the nation cannot afford the cost of lower rates for the wealthiest taxpayers. Lawmakers could agree to extend some or all of the rates temporarily to allow the economy to recover. Here are some details about the cost and economic impact of the tax cuts: Cost of Extending the Cuts â Extending the tax cuts would boost the economy over the next two years, but not as much as other options such as cutting payroll taxes, according to the nonpartisan Congressional Budget Office. â In the long term, the tax cuts could harm economic growth, CBO said. A permanent extension would put the federal budget on an unsustainable path if other elements remain the same, according to CBO, as it would roughly double the projected deficit to 8 percent of GDP in 2020. The deficit hit 8.9 percent of the economy in the past fiscal year, but is expected to shrink in coming years as the economy improves. â A permanent extension of all the Bush tax cuts would cost the government $3.6 trillion over 10 years, according to the Treasury Department. â Permanently extending the middle-class tax cuts and allowing rates to rise on upper income brackets would cost $2.9 trillion, according to White House estimates. â Extending all tax cuts for two years would cost $501 billion, according to CBO. â Extending the tax cuts for the lower income brackets for two years would cost $90 billion less than that, or $411 billion, according to Center for Budget and Policy Priorities, a liberal think tank. If Congress Fails to Act â If Congress does nothing by Dec. 31, and allows all the tax cuts to expire at the end of the year as scheduled, tax rates will rise in January for all income brackets. â That would depress GDP by 1 percentage point in 2011, according to Deutsche Bank estimates. â Current income tax rates are 10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent. â Under current law, the 10 percent and 25 percent rates are dropped in January. Tax rates move to 15 percent, 28 percent, 31 percent, 36 percent and 39.6 percent. â The 33 percent tax rate would jump to 36 percent and the 35 percent rate would jump to 39.9 percent.