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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.