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The Water Cooler
General Discussion
Taxes Could Be Going Up; Way Up For Some
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<blockquote data-quote="OKCHunter" data-source="post: 2028962" data-attributes="member: 8534"><p>This could create a drag on the economy.</p><p></p><p>From the AP:</p><p></p><p></p><p>A big package of tax cuts first enacted a decade ago are set to expire at the end the year, unless Congress and the White House reach a deal to extend them. How the looming tax increases would affect households at different income levels.</p><p></p><p>___</p><p></p><p>Annual income: $20,000 to $30,000.</p><p></p><p>Average tax increase: $1,064.</p><p></p><p>___</p><p></p><p>Annual income: $30,000 to $40,000.</p><p></p><p>Average tax increase: $1,417.</p><p></p><p>___</p><p></p><p>Annual income: $40,000 to $50,000.</p><p></p><p>Average tax increase: $1,729.</p><p></p><p>___</p><p></p><p>Annual income: $50,000 to $75,000.</p><p></p><p>Average tax increase: $2,399.</p><p></p><p>___</p><p></p><p>Annual income: $75,000 to $100,000.</p><p></p><p>Average tax increase: $3,688.</p><p></p><p>___</p><p></p><p>Annual income: $100,000 to $200,000.</p><p></p><p>Average tax increase: $6,662.</p><p></p><p>___</p><p></p><p>Annual income: $200,000 to $500,000.</p><p></p><p>Average tax increase: $14,643.</p><p></p><p>___</p><p></p><p>Annual income: $500,000 to $1 million.</p><p></p><p>Average tax increase: $38,969.</p><p></p><p>___</p><p></p><p>Annual income: More than $1 million.</p><p></p><p>Average tax increase: $254,637.</p><p></p><p>___</p><p></p><p>Source: Tax Policy Center</p></blockquote><p></p>
[QUOTE="OKCHunter, post: 2028962, member: 8534"] This could create a drag on the economy. From the AP: A big package of tax cuts first enacted a decade ago are set to expire at the end the year, unless Congress and the White House reach a deal to extend them. How the looming tax increases would affect households at different income levels. ___ Annual income: $20,000 to $30,000. Average tax increase: $1,064. ___ Annual income: $30,000 to $40,000. Average tax increase: $1,417. ___ Annual income: $40,000 to $50,000. Average tax increase: $1,729. ___ Annual income: $50,000 to $75,000. Average tax increase: $2,399. ___ Annual income: $75,000 to $100,000. Average tax increase: $3,688. ___ Annual income: $100,000 to $200,000. Average tax increase: $6,662. ___ Annual income: $200,000 to $500,000. Average tax increase: $14,643. ___ Annual income: $500,000 to $1 million. Average tax increase: $38,969. ___ Annual income: More than $1 million. Average tax increase: $254,637. ___ Source: Tax Policy Center [/QUOTE]
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Taxes Could Be Going Up; Way Up For Some
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