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Senate-Passed Deal Means Higher Tax on 77% of Households

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This is a Reblogged from Tax Policy Center.

Posted byRichard Rubin

How Does the Fiscal Cliff Deal Change Your Taxes?

The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

Enlarge imageBudget

Dawn breaks at the U.S. Capitol in Washington, D.C., U.S., on Monday, Dec. 31, 2012. Photo: Jay Mallin/Bloomberg

Norquist Says Fiscal Cliff Fight Just the Beginning

4:58

Dec. 31 (Bloomberg) — Grover Norquist, president of Americans for Tax Reform, talks about negotiations between U.S. lawmakers over the so-called fiscal cliff of $600 billion in automatic tax increases and spending cuts set to start at midnight. Norquist speaks with Erik Schatzker on the Bloomberg Television special “America’s Fiscal Debate.” (Source: Bloomberg)

How Will the Fiscal Cliff Impact the U.S. Economy?

3:27

Dec. 31 (Bloomberg) — Jim Rickards, senior managing director at Tangent Capital Partners, and Stanley Crouch, chief investment officer at Aegis Capital, talk with Bloomberg’s Matt Miller about the impact of the fiscal cliff on the U.S. economy. They speak on Bloomberg Television’s “Bloomberg Rewind.” (Source: Bloomberg)

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income,capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

Much of that burden is concentrated at the very top of the income scale.

The top 0.1 percent of taxpayers, those with incomes over about $2.7 million, would pay an average of $443,910 more, reducing their after-tax incomes by 8.4 percent. They would pay 26 percent of the additional taxes imposed by the legislation.

Among households with incomes between $500,000 and $1 million, taxes would go up by an average of $14,812.

Top Tax Rate

The bill, being discussed by House members today, would raise the top tax rate to 39.6 percent from 35 percent last year, starting with income over $400,000 for individuals and $450,000 for married couples.

The top tax rates on capital gains and dividends would go up to 23.8 percent, from 15 percent last year. The new rate includes a 3.8 percent tax from the 2010 health-care law that took effect today.

The Tax Policy Center’s definition of income is a gross measure that includes items such as the employer’s share of payroll taxes, making it larger for many households than the adjusted gross income shown on tax returns.

To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net

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