How Tax Increases Will Affect Households

Wednesday, 02 Jan 2013 07:03 AM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

The tax package passed by Congress will prevent one set of tax increases from hitting the vast majority of Americans, but it won't stop them all. A temporary Social Security payroll tax reduction is expiring, hitting nearly every wage earner, and income taxes on the wealthy are going up too.

How the tax increases will affect households at different income levels:

___

Annual income: $20,000 to $30,000

Average tax increase: $297

___

Annual income: $30,000 to $40,000

Average tax increase: $445

Editor's Note: Make 2013 the Year You Pay Zero Taxes

___

Annual income: $40,000 to $50,000

Average tax increase: $579

___

Annual income: $50,000 to $75,000

Average tax increase: $822

___

Annual income: $75,000 to $100,000

Average tax increase: $1,206

___

Annual income: $100,000 to $200,000

Average tax increase: $1,784

___

Annual income: $200,000 to $500,000

Average tax increase: $2,711

___

Annual income: $500,000 to $1 million

Average tax increase: $14,812

___

Annual income: More than $1 million

Average tax increase: $170,341

___

Source: Tax Policy Center

Editor's Note: Make 2013 the Year You Pay Zero Taxes

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Author Gary Shilling: Ready for $20 Oil?

Sunday, 21 Dec 2014 18:55 PM

When the U.S. Federal Reserve ended its quantitative-easing program in October, it also ended the primary driver of U.S. . . .

Treasury's Lew: World Cannot Afford 'Lost Decade' in Europe

Wednesday, 12 Nov 2014 10:19 AM

The United States urged European governments to do more to stoke growth Wednesday, warning that monetary easing by the E . . .

Global Finance Heads Said to Warn of Mounting Economic Risks

Saturday, 20 Sep 2014 10:16 AM

Group of 20 finance chiefs will warn that risks to the global economy have increased in recent months, an official said, . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved