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Here’s How Much Your Taxes Will Be Going Up Without A Deal

Joe Raedel, Getty Images

Are you tired of hearing about the “Fiscal Cliff”? As tiring as it may be to listen to lets hope they come to some agreement or it will cost us all and cost us dearly.

In case you have tuned out the rhetoric surrounding the impasse between the President and the Republicans, here is what it will cost you if no agreement is consummated.

According to the Tax Policy Center if your annual income is between 20 and 30 thousand dollars the average tax increase will be $1,064. Between 30 and 40 thousand dollars the increase in tax will be $1417. Between 40 and 50 thousand dollars the increased tax will be $1729.  From 50 to 75 thousand dollars, taxes will go up an average of $2399 and from 75 to 100 thousand dollars you can expect your taxes to be increased by $3688.

Remember these are tax increases that will be added to what you already are set to pay. Lets all hope our politicians can get this worked out or we will all be hit pretty hard come tax time.

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