U.S. households are facing an average tax increase of $3,446 in 2013 if Congress doesn’t avert the so-called fiscal cliff, the nonpartisan Tax Policy Center said in a study released Monday. The top 1% of households face some of the largest tax increases in 2013 and would see their after-tax incomes fall by 10.5% if Congress does nothing. That would translate to an average tax increase of $120,537 for that group. A typical middle-income household earning between about US$40,000 and US$60,000 would face a tax increase of about US$2,000. After the Nov. 6 election, Congress is scheduled to return to Washington to debate the automatic spending cuts and tax increases starting in January unless lawmakers act. For calendar year 2013, taxes would increase by US$536-billion, or about 20%. “This is a very large tax increase,” Donald Marron, the center’s director, told reporters in Washington Monday.
Please read full and follow at:
http://business.financialpost.com/2012/10/01/fiscal-cliff-could-cost-u-s-hous...
Please read full and follow at:
http://business.financialpost.com/2012/10/01/fiscal-cliff-could-cost-u-s-hous...
