News story here.

Still waiting on the official speech.

Of course tax cuts would be extended only for those making less than $250,000 a year. Here’s a news story from the last great Bush Cuts debate in 2010:

Following is a breakdown on some of the key measures and their costs, based on revenue estimates from the Joint Committee on Taxation, unless otherwise noted.

Bush tax cuts: $544.3 billion. The package would extend the Bush tax cuts for everyone for two years.

The bulk of that cost — $463 billion — is for the extension of cuts for families making less than $250,000, including two years of relief for 2010 and 2011 for the middle class from the Alternative Minimum Tax.

The rest — $81.5 billion — is attributable to the extension of cuts that apply to the highest income families.

If raising taxes for the high income families for two years would increase revenues by $81.5 billion, it’s reasonable to assume that the yearly revenues from killing the $250,000-plus tax cuts would be about $40 billion a year.

The current projected deficit for 2012 is $1.33 trillion.