To descend from the theoretical to the tangible, here is how much your taxes will increase once the Bush tax cuts expire on Tuesday, unless Congress cuts a deal to extend them:
Annual income of $20,000 to $30,000: $1,064 average tax increase
Annual income of $40,000 to $50,000: $1,729 average tax increase. . . .
Annual income of $50,000 to $75,000: $2,399 average tax increase
Annual income of $75,000 to $100,000: $3,688 average tax increase
Annual income of $100,000 to $200,000: $6,662 average tax increase. . . .
Annual income of $200,000 to $500,000: $14,643 average tax increase
Annual income of $500,000 to $1 million: $38,969 average tax increase
Annual income of more than $1 million: $254,637 average tax increase
via What falling off the “fiscal cliff” means for you – CBS News.
If these expire, the much-reviled George W. Bush will surge in popularity once people realize how much money he kept in their pockets. But the popularity of the president and especially Republicans will plummet.
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