Washington, DC – The top Republican on the tax-writing Ways and Means Committee, U.S. Rep. Dave Camp (R-MI), today released new information from Congress’ non-partisan tax analysts showing that the Democrats’ looming tax hikes will cost millions of American taxpayers thousands of dollars in additional taxes next year.
The Joint Committee on Taxation, in answering questions from Camp, confirmed that if the tax hikes go into effect as scheduled on January 1, 2011:
- 31 million families will pay an average of $1,033 in higher taxes next year due to a reduction in the child tax credit from $1,000 to $500;
- 35 million married couples will pay an average of $595 in higher taxes next year due to a reinstatement of the marriage penalty; and
- 88 million taxpayers will pay an average of $503 in higher taxes next year due to the elimination of the 10% tax bracket (meaning the first dollar of taxable income will instead be subject to the 15% tax rate).
“After running up record levels of spending and debt, and failing to pass a budget, Democrats are about to raise taxes on every American family. Because of these Democrat tax hikes, married couples will pay more, parents will pay more, and every American who pays income taxes will pay more,” said Camp. “Raising taxes is the last thing Congress should be doing right now – not on families and not on small businesses.”