Will the Bush tax cuts be allowed to expire?

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… 

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