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How tax increases will affect households

Published: Thursday, July 30 2015 2:37 p.m. MDT

President Barack Obama and Vice President Joe Biden make a statement regarding the passage of the fiscal cliff bill in the Brady Press Briefing Room at the White House in Washington, Tuesday, Jan. 1, 2013. (Associated Press) President Barack Obama and Vice President Joe Biden make a statement regarding the passage of the fiscal cliff bill in the Brady Press Briefing Room at the White House in Washington, Tuesday, Jan. 1, 2013. (Associated Press)

The tax package passed by Congress will prevent one set of tax increases from hitting the vast majority of Americans, but it won't stop them all. A temporary Social Security payroll tax reduction is expiring, hitting nearly every wage earner, and income taxes on the wealthy are going up too.

How the tax increases will affect households at different income levels:

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

Average tax increase: $297

Annual income: $30,000 to $40,000

Average tax increase: $445

Annual income: $40,000 to $50,000

Average tax increase: $579

Annual income: $50,000 to $75,000

Average tax increase: $822

Annual income: $75,000 to $100,000

Average tax increase: $1,206

Annual income: $100,000 to $200,000

Average tax increase: $1,784

Annual income: $200,000 to $500,000

Average tax increase: $2,711

Annual income: $500,000 to $1 million

Average tax increase: $14,812

Annual income: More than $1 million

Average tax increase: $170,341

Source: Tax Policy Center

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