Expiration of Bush Tax Cuts Would Cost Families Thousands in 2011, Study Shows

July 28, 2010
FoxNews.com

Millions of families will be faced with thousands of dollars in tax increases if the Bush tax cuts are allowed to expire at the end of the year, according to estimates from the nonpartisan Joint Committee on Taxation.

A preliminary report obtained by Fox News shows that several tax increases would hit hard if Congress does nothing to minimize the damage before Dec. 31.

The study found that raising just the lowest income tax rate from 10 percent to 15 percent would cost 88 million taxpayers an average of $503 next year. the rest