current tax rates expire on January 1, 2011

There’s a chance that the Democrats, through their inaction, may allow current tax rates to expire on January 1, 2011. If that happens, the incoming Republican House is prepared to cut taxes retroactively early next year. Many incoming freshmen, and some members of the GOP House leadership, would like the first vote of the new Congress to be a tax cut. (The second vote, presumably, would be to repeal Obamacare