The Effects of Unnecessary Tax Hikes on Middle Class Texas Families
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.
For the full report please see, "The Middle-Class Tax Cuts' Impact on Consumer Spending and Retailers."