U.S. Households Face Tax Increase From 2013 Fiscal Cliff

U.S. households are facing an average tax increase of $3,446 in 2013 if Congress doesn’t avert the so-called fiscal cliff, the nonpartisan Tax Policy Center said in a study released today.

The top 1 percent of households face some of the largest tax increases in 2013 and would see their after-tax incomes fall by 10.5 percent if Congress does nothing. That would translate to an average tax increase of $120,537 for that group.