The current argument surrounding the selective re-signing of the Bush Tax Cuts is unproductive and unlikely to lead to meaningful compromise due to the fact that these tax cuts include language involving upper income brackets. Republican members of the House and Senate are likely to obstruct any modification to the Bush Tax Cuts which does not protect the tax rates on individuals and small businesses making more than $250,000 per year.
In order to avoid partisan gridlock and destructive efforts at compromise, the simplest path is to allow the current Bush Tax Cuts to expire at the end of 2012 and replace them with a new set of tax cuts, retroactive to January 1st, 2013, which only apply to individuals and small businesses making less than $250,000 per year.