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DUSTIN GAWRYLOW: EXPIRING TAX CUTS HIT LOWEST INCOME EARNERS HARDEST |
In 2001, a completely new 10% bracket was created for the first $8,500 worth of income. Prior to that, this level paid 15%. If the these tax cuts are not extended, that income level will have to pay another $350 each year in taxes.
This represents a 50% increase in taxes for this income level.
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