Over 60 Expiring Tax Cuts Looming          Well, it’s mid-December and Congress (and the President) have yet to act on legislation to extend over 60 expiring tax cuts. While the majority of these tax provisions affect the top 20 percent of individual taxpayers, there are quite a number of potential changes coming that will cost even the average citizen as much as a couple thousand dollars this tax season. Here are some of the most common things that will impact the average taxpayer: The Social Security payroll tax reduction in place for the last two years will increase 2% from 4.2% to 6.2%. This will mean an average of $40 less per paycheck for the average American. The Child Tax Credit will decrease from $1,000 per child to only $500 per child. Ouch! A $1,000 impact for a two-child family. The American Opportunity Tax Credit (for educational expenses) will decrease from $2,500 to $1,800 per student (and revert back to being the Hope Credit). The tax rat...