CLEVELAND -- Tax increases will even reach some people making $20,000 per year if things go over the fiscal cliff.
The Tax Policy Center's latest analysis shows the effective income tax rate of people making less than $20,000 increasing sevenfold. Some in that bracket who had paid no income tax in 2012 would pay $412 in 2013.
Taxpayers making between $20,000 and $40,000 per year would get hit with an average tax bill $1,231 higher in 2013, and earners in the next bracket, with incomes between $40,000 and $65,000, would see their income tax rise an average of $1,984.
Middle-upper incomes between $65,000 and $108,000 would get socked with an additional tax bill of $3,540, the figure most commonly used as what the "average" American taxpayer will dish out.
Higher income earners, making up to half a million dollars per year, will pay an average of $8,369 in additional 2013 income taxes should the "fiscal cliff" become reality. And those above $500,000 in annual income would see their tax liability jump some $120,000.
There are other taxes set to rise after December 31, 2012, including estate taxes, the Alternative Minimum Tax, or AMT, payroll taxes, and tax rates on dividends and capital gains.