June 14, 2012

June 14, 2012 | Factsheet on Taxmageddon

How Will Taxmageddon Impact You?

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On January 1, 2013, a $494 billion wave of tax hikes will take effect, hitting every American household, regardless of income. Here’s how much taxes will rise for five different demographic groups:

FAMILIES
$4,138 TAX INCREASE
5.9% of average income
Total filers: 15 million
Average income: $70,662

BABY BOOMERS
$4,223 TAX INCREASE
4% of average income
Total filers: 33.1 million
Average income: $95,099

LOW-INCOME WORKERS
$1,207 TAX INCREASE
4.7% of average income
Total filers: 53.8 million
Average income: $24,757

MILLENNIALS
$1,099 TAX INCREASE
4.6% of average income
Total filers: 7.6 million
Average income: $23,917

RETIREES
$857 TAX INCREASE
2% of average income
Total filers: 33.1 million
Average income: $42,553

Notes: Income figures are Adjusted Gross Income (AGI). Number of filers and AGI are estimates for 2013.

Get the full details on Taxmageddon at http://www.heritage.org/ObamaTaxHikes

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