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Families Face a Fiscal Cliff

February 1, 2013 1 minute Read by Matthew Denhart
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.

Author

Matthew Denhart
Matthew Denhart

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. 

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