Tax Debate isn't Just for 'Wealthy'; Middle Class on Hook, Too

The so-called Bush tax cuts aren't just for the "wealthy," as President Barack Obama calls them.

An analysis by Deloitte Tax LLC finds that an individual with an income of $50,000 would see a tax increase of $1,100 if the tax cuts are not extended by Congress this year. A $50,000 family of four would see its taxes rise $2,900.

The numbers steadily climb for each income bracket, not just for households earning $250,000 -- the level alternately described as "upper income" and "wealthy" by Obama.

Republicans and Democrats continue to wrangle over who, if anyone, deserves to keep their tax cuts. Or, to put it more accurately, who should get a tax increase.

See chart and analysis here.