Effect of looming 'fiscal cliff' tax increasesDecember 24, 2012 @ 1:00 am
(AP) - 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.
Annual income: $20,000 to $30,000.
Average tax increase: $1,064.
Annual income: $40,000 to $50,000.
Average tax increase: $1,729.
Annual income: $50,000 to $75,000.
Average tax increase: $2,399.
Annual income: $75,000 to $100,000.
Average tax increase: $3,688.
Annual income: $100,000 to $200,000.
Average tax increase: $6,662.
Annual income: $200,000 to $500,000.
Average tax increase: $14,643.
Annual income: $500,000 to $1 million.
Average tax increase: $38,969.
Annual income: More than $1 million.
Average tax increase: $254,637.
Source: Tax Policy Center
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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