Here are a few of the cuts Bush made for the Middle Class. Does anyone miss him, yet ?!
For the family of four bringing in a combined income of $75,000, the expiration of all Bush-era tax cuts will amount to a tax increase of $2,143 next year, according to the Tax Foundation's 2011 Income Tax Calculator.
A family of four earning $150,000 would see its income tax burden increase by $4,510 to $23,150, according to the Tax Foundation.
Single filers, meanwhile, would see their taxes rise by $605 at the $50,000 income plateau and by $1,355 at $75,000. A single filer earning $150,000, including $15,000 in long-term capital gains, would pay an extra $3,269, with a total tax liability of $28,340.
A single parent of one child earning $25,000 would see his tax liability rise by $955, decreasing his tax refund of $1,856 to just more than $900. A low-income family of five earning a total of $45,000 would see their taxes increase by $2,538, equating to a total tax liability of $1,028.
An upper-middle income family of four with two earners pulling in $150,000, including $15,000 in long-term capital gains, would see their taxes increase by $3,802. That family's total tax burden? Roughly $21,600.
A high-income family of four, meanwhile, with a combined income of $300,000 and $20,000 in itemized deductions, would see their taxes jump by more than $11,000 if Congress allows all of the Bush-era tax cuts to expire. That equals a total tax liability of $68,392.
For even higher earners -- such as a married couple with no children making $420,000 in total income and with $20,000 deductions apiece for state and local taxes, mortgage interest and charitable contributions -- that total tax liability grows to $106,815, or an increase of more than $16,600 from 2010.
Further up the income ladder, a married couple earning $700,000 in wages with $300,000 worth of long-term capital gains and qualified dividends and $95,000 in deductions for mortgage interest and state/local income taxes would see their tax share grow by $61,206.
Finally, a retired married couple with a combined income of $60,000 -- including $10,000 in qualified dividends, $25,000 in Social Security benefits and $10,000 in 401(k) distributions -- would see their tax liability increase by $2,676.
Note that the biggest tax cuts for middle-income earners was the creation of the 10 percent bracket, which will rise to 15 percent if Congress doesn't act. He also cited the significant impact of doubling the child tax credit to $1,000. That, too, will expire unless a compromise is reached in Washington.
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