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Saturday, Dec 22, 2012 1:30 PM UTC

Effect of looming ‘fiscal cliff’ tax increases

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Topics: From the Wires,

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

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