« First « Previous Comments 10 - 10 of 10 Search these comments
It will be painful for those of us living in the bay area who are treated as "rich" by federal tax codes.
« First « Previous Comments 10 - 10 of 10 Search these comments
WASHINGTON (AP) — A typical middle-income family making $40,000 to $64,000 a year could see its taxes go up by $2,000 next year if lawmakers fail to renew a lengthy roster of tax cuts set to expire at the end of the year, according to a new report Monday
Taxpayers across the income spectrum would be hit with large tax hikes, the Tax Policy Center said in its study, with households in the top 1 percent income range seeing an average tax increase of more than $120,000, while a family making between $110,000 to $140,000 could see a tax hike in the $6,000 range.
****
http://news.yahoo.com/huge-tax-increase-looms-end-fiscal-cliff-155135586--finance.html
*******
I'll be the first to admit.. If most of these tax cuts for the middle class aren't extended... A housing market double dip is imminent, as well as a 2nd depression. Your talking about $2000-$6000 after tax income disappearing. That kind of household income loss isn't going to be pretty for our economy.
#housing