According to CNN News, almost 23 million American households (1 in 6 taxpayers) have already had their federal taxes raised by an average of $3,900 this year, but they may not know it yet. Among those subject to this already-in-place tax increase are some families making less than $50,000 per year, and virtually all married couples earning between $100,000 and $500,000 a year, according to data published by the Congressional Budget Office.
This tax increase will happen if Congress does not quickly pass legislation that temporarily increases the amount of income exempt from the Alternative Minimum Tax. According to the CBO, an estimated 4.5 million American households were subject to the AMT in 2009, and 27.2 million are now liable to pay the AMT for the 2010 tax year unless Congress acts before Dec. 31.
According to CBO, 3 percent are households making less than $50,000 a year, 35 percent are household making between $50,000 and $100,000 per years; 47 percent are households making between $100,000 and $200,000 per year; and 14 percent are households making between $200,000 and $500,000 per year.
As the law now stands, virtually all married couples in America earning between $100,000 and $500,000 will be hit with the AMT this year–on income they started earning ten months ago.