Tax Policy (Williams et al.)

Tax policy center – Toppling off the fiscal cliff: Whose taxes rise and how much? by Roberton Williams, Eric Toder, Donald Marron and Hang Nguyen (10/2012), published by Urban Institute and Brookings Institution. “The fiscal cliff threatens an unprecedented tax increase at year end. Taxes would rise by more than $500 billion in 2013 – an average of almost $3,500 per household – as almost every tax cut enacted since 2001 would expire…To inform that discussion, this report provides a detailed look at the revenue, distributional, and incentive effects of these increases. Almost 90 percent of Americans would see their taxes rise if we topple off the cliff. For most households, the two biggest increases would be the expiration of the temporary cut in Social Security taxes and the expiration of the 2001/2003 tax cuts.”