taxes

How expiring Bush tax cuts will affect you

Higher taxes for hypothetical families
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Higher taxes for hypothetical families

Number crunching by the consulting firm Deloitte Tax LLP shows that if the current tax rates expire, a typical family of four with annual household income of $50,000 would pay $2,900 more in taxes in 2011.

A single taxpayer earning $50,000 per year would, according to the Deloitte analysis, pay $1,100 more in taxes next year if the current tax laws lapse.

Potential tax bill scenarios by CCH, a tax software and publishing company in Riverwoods, Ill., come up with slightly different tax bill amounts, but reveal the same trend.

CCH analysis says that expiration of the 2001 and 2003 Bush tax cuts would cause a married couple with two dependent children to owe $2,143 more next year.


 

 

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