How Much the Fiscal Cliff Could Cost You
Your tax bill might grow by hundreds next year if Congress doesn't take action in the next few weeks.
We’ve written about the fiscal cliff and what you can do about it. Now a U.S. News and World Report blog points to an analysis by the Tax Policy Center about what might happen to your taxes if Congress doesn’t act…
Here’s the average hike taxpayers would face, broken down by income group:
Lowest fifth of households (average income: $11,239): $412
Second-lowest fifth (average income: $29,204): $1,231
Middle fifth (average income: $49,842): $1,984
Second-highest fifth (average income: $80,080): $3,540
Highest fifth (average income: $178,020): $14,173
Top 1 percent (average income: about $1.3 million): $120,537
Even if Congress does take action, an increase in your taxes is possible – but it might not be this much.
Subscribe by email
Like this article? Sign up for our email updates and we’ll send you a regular digest of our newest stories, full of money saving tips and advice, free! We’ll also email you a PDF of Stacy Johnson’s ’205 Ways to Save Money’ as soon as you’ve subscribed. It’s full of great tips that’ll help you save a ton of extra cash. It doesn’t cost a dime, so why wait? Click here to sign up now.
