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Tuesday, October 02, 2012

Households Could Face Average $3,500 Tax Hit If Congress Can't Avoid 'Fiscal Cliff'

Nearly 90 percent of Americans will see their taxes increase in 2013 if Congress and President Barack Obama can’t find a way to renew tax policies that are scheduled to expire at the end of this year, the nonpartisan Tax Policy Center said in a report issued Monday.
 The average tax increase will be $3,500 per household if the current tax policies expire, the report estimated.
It isn’t necessarily an all-or-nothing decision Congress confronts – it could choose to extend some of the tax provisions but terminate others – but it’s precisely the complexity of picking and choosing from the items on the menu that will make bargaining difficult as the days dwindle down to Dec. 31.
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4 comments:

  1. AnonymousOctober 2, 2012 at 3:44 PM

    does this include the 47% who don't pay federal income tax?????

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  2. AnonymousOctober 2, 2012 at 4:48 PM

    Actually 3:44, yes, to a certain extent. You see, that 47% (proportion who don't owe income tax) was smaller before the bush tax cuts. The GOP was all for increasing the number of low income folks not paying taxes back then. Indeed they spoke passionately about increasing the number of low income folks not paying taxes all during the 80's as well. But alas, it's anti-obama upside down world now, where suddenly the position they once supported whole heartedly is all Obama/Dems fault.

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  3. AnonymousOctober 2, 2012 at 9:35 PM

    4:48-What? You koolaid drinkers will say anything to try and blame Bush for your boy's failure.

    ReplyDelete
  4. AnonymousOctober 3, 2012 at 6:43 AM

    Um 935, it only takes 10 sec. on google to pull up the exact quotes from GOP congressmen on the issue. lol, talk about kool aid

    ReplyDelete

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