Over the weekend, I came across this informative article from the Associated Press explaining how families would be impacted if the House’s new tax increate were to become law. As you can see from the examples below, some taxpayers could face a huge tax bill next April.
- A family of four making $450,000 a year would pay $103,600 in federal income taxes, an increase of $1,000.
- A single filer making $450,000 a year would pay $112,200 in federal income taxes, an increase of $7,100.
- A family of four making $800,000 a year would pay $220,800 in federal income taxes, an increase of $30,000.
- A single filer making $800,000 a year would pay $231,300 in federal income taxes, an increase of $30,700.
- A family of four making $5 million a year would pay $1.81 million in federal income taxes, an increase of $443,500.
- A single filer making $5 million a year would pay $1.83 million in federal income taxes, an increase of $452,000.