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Originally published January 2, 2013 at 12:12 AM | Page modified January 2, 2013 at 6:18 AM

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How tax increases will affect households

The tax package passed by Congress will prevent one set of tax increases from hitting the vast majority of Americans, but it won't stop them all. A temporary Social Security payroll tax reduction is expiring, hitting nearly every wage earner, and income taxes on the wealthy are going up too.

The Associated Press

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Just love how the idiotic media comes in a day later to tell us about the increases... MORE
For all the flying accusations of "Socialism" and "screwing the... MORE
well, the ss tax break was nice while it lasted.... MORE

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The tax package passed by Congress will prevent one set of tax increases from hitting the vast majority of Americans, but it won't stop them all. A temporary Social Security payroll tax reduction is expiring, hitting nearly every wage earner, and income taxes on the wealthy are going up too.

How the tax increases will affect households at different income levels:

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Annual income: $20,000 to $30,000

Average tax increase: $297

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Annual income: $30,000 to $40,000

Average tax increase: $445

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Annual income: $40,000 to $50,000

Average tax increase: $579

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Annual income: $50,000 to $75,000

Average tax increase: $822

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Annual income: $75,000 to $100,000

Average tax increase: $1,206

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Annual income: $100,000 to $200,000

Average tax increase: $1,784

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Annual income: $200,000 to $500,000

Average tax increase: $2,711

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Annual income: $500,000 to $1 million

Average tax increase: $14,812

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Annual income: More than $1 million

Average tax increase: $170,341

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Source: Tax Policy Center

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