  The Bush 0000 and 0000 tax cuts were scheduled to expire on Jan. 0, 0000. If lawmakers did not act before the end of this year, all Americans would face higher taxes in 0000. The question about what will happen to these tax cuts has finally been answered  -  they will not expire for another two years, said Eileen St. Pierre, Oklahoma State University Cooperative Extension personal finance specialist. Income tax rates will stay the same for another two years. The top two income brackets will remain at 00 percent and 00 percent, respectively. There will be no changes in the taxation of dividends and capital gains.mum tax (AMT) that raises the AMT exemption amount to account for inflation.  