A big package of tax cuts first enacted a decade ago are set to expire at the end the year, unless Congress and the White House reach a deal to extend them. How the looming tax increases would affect households at different income levels.
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Annual income: $ 20,000 to $ 30,000.
Average tax increase: $ 1,064.
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Annual income: $ 40,000 to $ 50,000.
Average tax increase: $ 1,729.
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Annual income: $ 50,000 to $ 75,000.
Average tax increase: $ 2,399.
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Annual income: $ 75,000 to $ 100,000.
Average tax increase: $ 3,688.
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Annual income: $ 100,000 to $ 200,000.
Average tax increase: $ 6,662.
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Annual income: $ 200,000 to $ 500,000.
Average tax increase: $ 14,643.
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Annual income: $ 500,000 to $ 1 million.
Average tax increase: $ 38,969.
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Annual income: More than $ 1 million.
Average tax increase: $ 254,637.
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Source: Tax Policy Center
Yahoo! Finance – Personal Finance
Title Post: Effect of looming ‘fiscal cliff’ tax increases
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Effect of looming ‘fiscal cliff’ tax increases
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Effect of looming ‘fiscal cliff’ tax increases
