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.

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