According to the non-partisan Tax Policy Center, the U.S. is on the threshold of one of the largest tax increases in history, a tax hike that could average $3,500 for every American household.
Without actions from Congress, the report says taxes will go up next year by 20 percent, or $536 billion overall. It will hit Americans at every income level including those living below the poverty line. For a middle income family making $40,000 per year, the tax increase is $2,000.
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Filed under: * Economics, Politics Economy Consumer/consumer spending Personal Finance Taxes The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- The U.S. Government Budget The National Deficit Politics in General House of Representatives Office of the President Senate * International News & Commentary America/U.S.A.
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