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"Most ordinary people these days are paying a marginal rate of 15% or 25%. If we let the tax cuts expire, that might rise for many to 28%. Based on data supplied by the AICPA these ordinary folks would take a tax bump of anywhere between a few hundred and a few thousand dollars.
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. "
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