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A Look at Potential Tax Hikes Across Income Brackets

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.

Below is a breakdown of average potential tax increases households face based on their 2011 income.

2011 Tax Scenarios

2011 Income
No. of Tax Returns
Avg. Tax Increase
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