Skip to main content

View Diary: White House report takes aim at Republicans' War on Christmas, middle class hostage-taking (23 comments)

Comment Preferences

  •  examples (2+ / 0-)
    Recommended by:
    denig, Flying Goat

    Examples of Middle-class Families that Will See Their Taxes Rise If the Middle-class Tax Cuts Are Not Extended

    - Example 1: A typical middle-income family of four: a married couple with two children with income between about $50,000 and $85,000 would see a $2,200 tax increase.

    o A tax increase of  $1,000 because the Child Tax Credit will fall from $1,000 to $500 per child.

    o A tax increase of $890 because of merging the 10 percent tax bracket into the 15 percent tax bracket.

    o A tax increase of $310 because of the expiration of marriage penalty relief that provides a larger standard deduction for married couples.

    Total Tax Increase on this Family if Congress Fails to Act = $2,200

    - Example 2: A married couple with a 15-year-old at home and a 19-year-old in her second year at the state university; the couple’s income is $80,000.

    o A tax increase of  $550 because, instead of being able to claim the $2,500 American Opportunity Tax Credit to help with college expenses, they will only be able to claim the Hope Credit worth $1,950.

    o A tax increase of $500 because the Child Tax Credit will fall from $1,000 to $500 per child.

    o A tax increase of  $890 because of the disappearance of the 10 percent tax bracket.

    o A tax increase of $310 because of the expiration of marriage penalty relief that
    provides a larger standard deduction for married couples.
    Total Tax Increase on this Family if Congress Fails to Act = $2,250

    - Example 3: A middle-income family with three young children: a married couple with three children with income of $75,000 would see a $2,700 tax increase.

    o A tax increase of $1,500 because the  Child Tax Credit will fall from $1,000 to $500 per child.

    o A tax increase of $900 because of merging the 10 percent tax bracket into the 15 percent tax bracket.

    o A tax increase of $300 because of the expiration of marriage penalty relief that provides a larger standard deduction for married couples.

    Total Tax Increase on this Family if Congress Fails to Act = $2,700

    -You want to change the system, run for office.

    by Deep Texan on Mon Nov 26, 2012 at 01:12:25 PM PST

    [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site