How tax increases will affect households

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.

Published on NewsOK Modified: January 2, 2013 at 7:39 am •  Published: January 2, 2013
Advertisement
;

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

___

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



Trending Now


AROUND THE WEB

  1. 1
    Report: Caron Butler close to two-year deal with Detroit Pistons
  2. 2
    It’s harder to be a poor student in the U.S. than in Russia
  3. 3
    Man fatally stabbed in west Tulsa early Sunday
  4. 4
    How brain imaging can be used to predict the stock market
  5. 5
    Bridenstine tours Fort Sill, satisfied with facility's transparency
+ show more