Saturday, August 7, 2010

HOW WOULD THE EXPIRATION OF THE BUSH-ERA TAX CUTS AFFECT AVERAGE MIDDLE-INCOME?

Nationally, the typical middle-income family, which has a median income of $63,366, would see its federal income tax burden increase by $1,540 if the Bush-era tax cuts expire.

A new report by the Tax Foundation shows how the expiration of the Bush-era tax cuts would affect the average middle-income family in each state and congressional district. The report looks at the average family in the middle 20 percent of the income spectrum and compares their 2011 federal income tax liability if all the tax cuts expire to their tax bill if all the tax cuts are extended.