Aside from the fact that Democrats love to party hearty and the prospect of a New Year's Eve Bacchanalia gives them something to look forward to, there is another reason for liberals to rejoice on New Year's day, 2011: the federal government will be the beneficiary of hundreds of billions of dollars in the form of expired tax cuts.Investors Business Daily: But as of midnight Dec. 31, the death tax returns - at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.[...]The lowest bracket for the personal income tax, for instance, moves up 50% - to 15% from 10%. The next lowest bracket - 25% - will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.[...]The marriage penalty also makes a comeback, and the capital gains tax will jump 33% - to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% - a...(Read Full Post)