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Huge Tax Increase Looms At Edge Of Fiscal Cliff

WASHINGTON (October 1, 2012)--A new study details how taxpayers across the income spectrum would face whopping tax increases next year if Washington fails to renew a lengthy roster of tax cuts set to expire in December.

The taxes of a typical middle-income family would go up by $2,000 according to the report from the Tax Policy Center, a joint effort of two Washington think tanks.

Increases for Households in the top 1 percent income range would be more than $120,000, while a family making between $110,000 and $140,000 could expect a tax hike in the $6,000 range.

The expiring provisions include Bush-era cuts on income and investments and for married couples and families with children, among others.

Also expiring is a 2 percent point temporary payroll tax cut.


Poll Question

A new poll finds teens are sharing more about themselves on social media and moving to Twitter to avoid parents. How closely do you monitor your children’s use of social media such as Facekbook?

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