Tax hikes: who’s affected?

By AP
Thursday, September 16, 2010

Tax hikes: Who’s affected?

Tax cuts enacted in 2001 and 2003 are due to expire in January, unless Congress acts. Below are the tax increases people at different income levels would face if all the tax cuts expire, and under President Barack Obama’s plan.

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Filing Status Household Income All cuts expire Obama budget
Single, no children 50,000 1,100 0
Married, 2 children 50,000 2,900 0
Single, no children 100,000 2,100 0
Married, 2 children 100,000 4,500 0
Single, no children 325,000 6,600 6,600
Married, 2 children 325,000 7,400 5,400
Single, no children 1,000,000 48,500 54,200
Married, 2 children 1,000,000 53,200 56,300
Single, no children 5,000,000 271,700 323,500
Married, 2 children 5,000,000 276,400 325,600

Source: Deloitte Tax LLP.

Filed under: Finance, Government

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