If President Obama gets his wish and no fiscal cliff deal is struck by January 1, 2013, you will pay more of your money to the federal government. The table below breaks down how much more you can expect to pay.
President Obama and the Democrats promised not to raise taxes on anyone making less than $250,000 per year. Pitching America over the fiscal cliff would clearly violate that promise.
Note that the numbers below spell out how much more you will be paying, over and above what you are already paying in taxes to the federal government, as well as the local and state taxes that you already pay.
|
Income Level |
New Taxes Owed |
|
Under $10,000 |
$217 |
|
$10,000 to $20,000 |
$537 |
|
$20,000 to $30,000 |
$1,064 |
|
$30,000 to $40,000 |
$1,417 |
|
$40,000 to $50,000 |
$1,729 |
|
$50,000 to $75,000 |
$2,399 |
|
$75,000 to $100,000 |
$3,688 |
|
$100,000 to $200,000 |
$6,662 |
|
$200,000 to $500,000 |
$14,643 |
|
$500,000 to $1,000,000 |
$38,969 |
|
Over $1,000,000 |
$254,637 |
Source: The Tax Policy Center.
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