How Tax Increases Will Affect Households

Wednesday, 02 Jan 2013 07:03 AM

 

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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:

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Annual income: $20,000 to $30,000

Average tax increase: $297

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Annual income: $30,000 to $40,000

Average tax increase: $445

Editor's Note: Make 2013 the Year You Pay Zero Taxes

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Annual income: $40,000 to $50,000

Average tax increase: $579

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Annual income: $50,000 to $75,000

Average tax increase: $822

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Annual income: $75,000 to $100,000

Average tax increase: $1,206

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Annual income: $100,000 to $200,000

Average tax increase: $1,784

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Annual income: $200,000 to $500,000

Average tax increase: $2,711

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Annual income: $500,000 to $1 million

Average tax increase: $14,812

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Annual income: More than $1 million

Average tax increase: $170,341

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Source: Tax Policy Center

Editor's Note: Make 2013 the Year You Pay Zero Taxes

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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