It's a good but scary summation but I think it misses one very important point, the mid-term elections. The elections in November will determine the outcome on these tax cuts.
If the Dems keep Congress, they will take this as a sign that they have a mandate to continue what they are doing and more of it. The tax cuts will be allowed to expire, raising taxes.
If they lose, we are really screwed. There will be midnight sessions through the end of the year passing lame duck laws to fulfill their wish list.
One of the things you will see is the tax cuts being rescinded early. The tax increases come this year, not next.