As Congress gets set to debate extending the Bush-era tax cuts, host Melisa Block speaks to Clint Stretch, managing principal of tax policy at Deloitte Tax in Washington, D.C., about what those tax cuts mean for people at various income levels. Stretch says if the tax cuts were to expire for a four-person family with a median adjusted gross income -- that's about $70,000 a year -- they would pay about $2,600 more in taxes a year. But that income group is very likely to see the tax cuts continued. The debate is really about whether upper-income earners continue to receive the benefit of those cuts from the Bush years. If the cuts are allowed to expire for a family that makes about $325,000 worth of adjusted gross income, under President Obama's plan, that family would pay about $5,400 more in income tax a year.
The Bush Tax Cuts And What They Mean For You
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