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: $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
Effect of looming 'fiscal cliff' tax increases
— Dec. 24 4:00 AM EST
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