Monday, August 8, 2011

How much will we save if they all expire?

So they are talking a 3% increase on our taxable income? The average family earns $46,326/year. If it is a family of 4 they will owe $2211 in income taxes (before credits). If the tax breaks expire that amount would increase %3 to $2277. That is an additional $2.55 withheld from their paycheck biweekly. WOW! So if the breaks expiring for the top 2% will save $700 Billion, how much will we save if they all expire?

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