General Discussion
In reply to the discussion: All temporary taxcuts should be allowed to expire. [View all]BOHICA12
(471 posts)the temporary tax cuts cover all income tax payers - (http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/what-if-the-bush-tax-cuts-expired.aspx)
For a typical single filer with adjusted gross income of around $40,000, it might be about $400 a year. At $80,000, that rises to about $1,600.
How about married couples filing jointly? They'd get hit with both higher tax rates and a lower standard deduction. (It was raised in 2001.) A couple earning $80,000 a year in adjusted gross income might pay about $2,200 extra. A married couple on $160,000 a year? Maybe $5,500 extra.
If they have children, it would be more, as the per-child tax credit would revert from $1,000 to $500. Ouch.
If we want to eat our peas - this is the way to go - but those peas don't look so good.