An Associated Press article that appeared in yesterday’s Austin American Statesman entitled “More Democrats buck plan to let taxes rise” makes for very interesting reading. The online article omitted what I thought was the most important information (source: http://www.cbsnews.com/stories/2010/09/02/business/main6830083.shtml):
“The most sweeping tax cuts in a generation are due to expire at the end of the year. Congress is set to take up the issue this month. If Congress does nothing, families at every income level face tax increases next year”:
|
2011 Income |
Number of tax returns |
Average tax increase (if Congress does nothing) |
|
Less than $10,000 |
28,681,000 |
$70 |
|
$10,000 to $20,000 |
24,383,000 |
$410 |
|
$20,000 to $30,000 |
18,523,000 |
$756 |
|
$30,000 to $40,000 |
15,679,000 |
$893 |
|
$40,000 to $50,000 |
13,001,000 |
$923 |
|
$50,000 to $75,000 |
23,972,000 |
$1,126 |
|
$75,000 to $100,000 |
15,245,000 |
$1,837 |
|
$100,000 to $200,000 |
16,885,000 |
$3,672 |
|
$200,000 to $500,000 |
3,757,000 |
$7,187 |
|
$500,000 to $1 million |
608,000 |
$18,092 |
|
$1 million and over |
315,000 |
$101,587 |
Source: Joint Committee on Taxation
P.S.: My inner geek also found it interesting that the Joint Committee on Taxation counts a total of 161,049,000 individual tax returns filed in the United States for tax year 2009…
I have heard a lot of people talking about the Bush tax cuts expiring, but not seen what this meant. Thanks for the information. It puts things in perspective.