At the end of the year, a slew of tax cuts will expire if Congress takes no action to extend them. What does this mean for your family?...
At the end of the year, a slew of tax cuts will expire if Congress takes no action to extend them. What does this mean for your family?
Using data from the nonpartisan Tax Foundation — one of our favorite tax groups — the Associated Press put together a few theoretical tax scenarios for families of different income levels. For example, the AP calculates:
A married couple with two children and an income of $100,000 would pay $7,935 in income taxes and $5,650 in payroll taxes this year, for a total federal tax burden of $13,585. Next year, they would face income taxes of $11,919 and payroll taxes of $7,650, for a total federal tax burden of $19,569, a total tax increase of $5,984.
What will happen to the tax bills of families making less than $100,000, and how much more will millionaires have to pay? Read the AP’s full article, available here, to find out.
