FILE - In this July 25, 2012, file photo, Senate Majority Leader Harry Reid, D-Nev., speaks to reporters just after Senate Democrats passed their version of a yearlong tax cut extension bill by a near party-line 51-48 vote, at the Capitol in Washington. At right is Sen. Charles Schumer, D-N.Y. Just about every U.S. taxpayer is facing a significant tax increase next year, unless Congress and the White House can agree on a plan to extend a huge collection of tax cuts that expires at the end of the year. If Congress can’t agree on a plan to extend the Bush-era tax cuts, income tax rates would go up for people at every income level. Estate taxes and investment taxes would increase and the alternative minimum tax would hit millions of middle-income people. A payroll tax cut that has saved workers an average of about $1,000 a year in 2011 and 2012 would expire. Dozens of business tax breaks would go away. (AP Photo/J. Scott Applewhite, File)

Associated Press
FILE - In this July 25, 2012, file photo, Senate Majority Leader Harry Reid, D-Nev., speaks to reporters just after Senate Democrats passed their version of a yearlong tax cut extension bill by a near party-line 51-48 vote, at the Capitol in Washington. At right is Sen. Charles Schumer, D-N.Y. Just about every U.S. taxpayer is facing a significant tax increase next year, unless Congress and the White House can agree on a plan to extend a huge collection of tax cuts that expires at the end of the year. If Congress can’t agree on a plan to extend the Bush-era tax cuts, income tax rates would go up for people at every income level. Estate taxes and investment taxes would increase and the alternative minimum tax would hit millions of middle-income people. A payroll tax cut that has saved workers an average of about $1,000 a year in 2011 and 2012 would expire. Dozens of business tax breaks would go away. (AP Photo/J. Scott Applewhite, File)
FILE - In this July 25, 2012, file photo, Senate Majority Leader Harry Reid, D-Nev., speaks to reporters just after Senate Democrats passed their version of a yearlong tax cut extension bill by a near party-line 51-48 vote, at the Capitol in Washington. At right is Sen. Charles Schumer, D-N.Y. Just about every U.S. taxpayer is facing a significant tax increase next year, unless Congress and the White House can agree on a plan to extend a huge collection of tax cuts that expires at the end of the year. If Congress can’t agree on a plan to extend the Bush-era tax cuts, income tax rates would go up for people at every income level. Estate taxes and investment taxes would increase and the alternative minimum tax would hit millions of middle-income people. A payroll tax cut that has saved workers an average of about $1,000 a year in 2011 and 2012 would expire. Dozens of business tax breaks would go away. (AP Photo/J. Scott Applewhite, File)
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