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If Congress doesn’t get its act together and extend Bush-era tax cuts, people at all income levels will be hit with significant tax increases at the end of this year. According to Fox News:
“A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.”
via FOXNews.com – Expiring Tax Cuts Hit Taxpayers at Every Level.