Conservatively Speaking
State Senator Mary Lazich (R-New Berlin) represents parts of four counties: Milwaukee, Waukesha, Racine, and Walworth. Her Senate District 28 includes New Berlin, Franklin, Greendale, Hales Corners, Muskego, Waterford, Big Bend, the town of Vernon and parts of Greenfield, East Troy, and Mukwonago. Senator Lazich has been in the Legislature for more than a decade. She considers herself a tireless crusader for lower taxes, reduced spending and smaller government.
Bush tax cuts go away, your taxes go up
Wisconsin
The Tax Foundation in
“By the term ‘average middle-income family,’ we are referring to the average of the families in the middle 20 percent of the income distribution. This is different from the ‘average family,’ which would have a much higher income level than the ‘average of the middle-income families,’ given the skewed distribution of income.”
If the Bush tax cuts expire January 1, 2011, the average middle-income family in
If the tax cuts are extended, the average middle-income family in
The average
You can read the Tax Foundation study here.
Brett Arends of the Wall Street Journal also did some number crunching and came up with the tax bumps Americans can expect if the tax cuts disappear:
“For a typical single filer with adjusted gross income of around $40,000 it might be about $400 a year.
For someone on $80,000, about $1,600.
How about married couples filing jointly? They'd get hit with higher tax rates and a lower standard deduction. (It was raised in 2001).
A couple earning $80,000 a year in adjusted gross income might pay about $2,200 extra. A married couple on $160,000 a year: Maybe $5,500 extra.
If they have children it would be more, as the child tax credit would revert from $1,000 to $500. Ouch.”
Ouch is right.
Read Arends’ column here.
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