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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.
Matthew Denhart is an expert on immigration policy and is the author of the Bush Institute’s America's Advantage: A Handbook of Vital Immigration and Economic Growth Statistics, now in its third edition. He currently serves as executive director of the Calvin Coolidge Presidential Foundation and is a founder of the Coolidge Scholars Program which provides full-ride merit scholarships to America's most promising college students. A summa cum laude graduate of Ohio University, Denhart has written and spoken widely on a variety of policy topics including the economics of higher education, labor, and taxes. He has contributed articles to numerous national publications including The Wall Street Journal, Forbes.com, CNN Opinion, and Bloomberg View.Full Bio