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Updated: 01/02/2013 6:07 PM
Created: 01/02/2013 1:08 PM KSTP.com | Print |  Email
By: Leslie Dyste

List: How Tax Increases Will Affect Households

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:

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

  • Average tax increase: $297

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

  • Average tax increase: $445

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

  • Average tax increase: $579

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

  • Average tax increase: $822

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

  • Average tax increase: $1,206

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

  • Average tax increase: $1,784

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

  • Average tax increase: $2,711

Annual income: $500,000 to $1 million

  • Average tax increase: $14,812

Annual income: More than $1 million

  • Average tax increase: $170,341


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
 


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