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Examples of how tax increases could hit the rich
By: The Associated Press | 19 Jul 2009 | 09:00 AM ET
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The health care bill working its way through the House would impose $544 billion in new taxes over the next decade on families making more than $350,000 a year, on top of President Barack Obama's plan to increase the top tax rates.

How the tax increases would affect families at different incomes. Four-person families include two minor children. Projections assume a typical mix of earned income, capital gains and itemized deductions at each income level, based on Internal Revenue Service data.

_A family of four making $450,000 a year would pay $103,600 in federal income taxes, an increase of $1,000.

_A single filer making $450,000 a year would pay $112,200 in federal income taxes, an increase of $7,100.

_A family of four making $800,000 a year would pay $220,800 in federal income taxes, an increase of $30,000.

_A single filer making $800,000 a year would pay $231,300 in federal income taxes, an increase of $30,700.

_A family of four making $5 million a year would pay $1.81 million in federal income taxes, an increase of $443,500.

_A single filer making $5 million a year would pay $1.83 million in federal income taxes, an increase of $452,000.

___

Source: Deloitte Tax.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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