Fiscal Cliff Tax Inplications

According to the Tax Policy Center, if we go over the Fiscal Cliff here's how the tax increases would affect households at different income levels:

Annual income: $20,000 to $30,000.

Average tax increase: $1,064.

Annual income: $40,000 to $50,000.

Average tax increase: $1,729.

Annual income: $50,000 to $75,000.

Average tax increase: $2,399.

Annual income: $75,000 to $100,000.

Average tax increase: $3,688.

Annual income: $100,000 to $200,000.

Average tax increase: $6,662.

Annual income: $200,000 to $500,000.

Average tax increase: $14,643.

Annual income: $500,000 to $1 million.

Average tax increase: $38,969.

Annual income: More than $1 million.

Average tax increase: $254,637.