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Tuesday, October 2, 2012

TPC: 90% of Americans Face Average $3,500 Tax Increase From Fiscal Cliff; Rich Face Largest Increase

Tax Policy Center:  Toppling Off the Fiscal Cliff: Whose Taxes Rise and How Much?:

The looming fiscal cliff threatens to boost taxes by more than $500 billion in 2013 when many temporary tax provisions are scheduled to expire. Nearly 90% of Americans would pay more tax, primarily because the temporary cut in Social Security taxes and many of the 2001/2003 tax cuts would expire. Low-income households would pay more due to expiration of tax credits in the 2009 stimulus. High-income households would be hit hard by higher tax rates on ordinary income, capital gains, and dividends and by the new health reform taxes. And marginal tax rates would rise, potentially affecting economic decisions.

TPC

http://taxprof.typepad.com/taxprof_blog/2012/10/tpc-90-.html

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Comments

...and it still won't be enough to pay for government, much less pay down debt. However, it's past time people are forced to face the issue that spending is too high -- and if they want to keep it this high, then they'd better get used to the "new tax normal."

Posted by: ColoComment | Oct 2, 2012 1:32:38 PM

Interesting the media has adopted the phrase "fiscal cliff" when it should be "Democrat tax increases". It isn't Republicans who want the Bush tax cuts to expire. It wasn't Republicans who wanted ObamaCare.

Posted by: Ken Royall | Oct 2, 2012 6:47:37 PM