The White House Press Office released a report today that breaks down the numbers on how increased taxes would affect the middle-class families of Texas if Congress is not willing to end the Bush-era tax cuts for the top 2%.
Here are some of the facts that came out of the report:
A median-income Texas family of four (earning $65,900) could see its income taxes rise by $2,200.
98% of Texas families who make less than $250,000 a year would not see an income tax increase under the President’s plan.
This sharp rise in middle-class taxes and the resulting decline in consumption could slow the growth of real GDP by 1.2 percentage points in Texas.
Faced with these tax hikes, the President’s Council of Economic Advisers (CEA) estimates that consumers in Texas could spend nearly $15.3 billion less than they otherwise would have in 2013 just because of higher taxes.