Expiring Tax Cuts Hit Taxpayers At All Levels

There is some debate what will the impact of the expiration of the Bush tax cuts on the economy or the American family.  Deloitte Tax LLP has some analysis.

A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500

This will impact affordabillty and income available for home purchase.  This will develop into a huge debt.

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