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.

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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.

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