This December, a number of pro-family tax policies are set to expire and, if the expiration is not addressed, American families could face a $300 billion tax increase. If you pay an income tax, you will be affected by these rates. A typical family of four earning $50,000 per year could have their taxes increased by $2,200. The 10 percent tax bracket will be eliminated, raising the lowest tax rate to 15 percent, costing 88 million taxpayers an average of $502 in higher taxes next year. Half of all seniors that file tax returns will have to pay an average of $1,700 in higher taxes. In short, these tax hikes are a disaster waiting to happen.
This week, the House is considering two bills to prevent this huge tax burden: H.R. 8, the Job Protection and Recession Prevention Act of 2012, and H.R. 6169, the Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012. Together, these bills will ensure Americans don't get hit with a massive tax increase in 2013.