December 27, 2012: The UPI Business News breaks out some figures from the Tax Policy Center that were published in Christmas Eve's Wall Street Journal:
Households earning $10,000 to $20,000 stand to lose between $68 and $605 if the "fiscal cliff" comes to pass.
Couples earning between $10,000 and $20,000 that have a child would see a much more substantial difference, as they would lose $1,324 out of a $2,761 in tax rebates and credits.
In the next bracket up from that, couples with a child earning between $20,000 and $30,000 would owe an average of $1,408 in federal income tax, a shift from the current rules in which they would be paid an average of $15.
"...a huge and shameful step backward." -- Yesterday's New York Times editorial on the fiscal cliff's affect on single mothers who work full time.
Of course, those figures reflect gross income, not take-home (net) pay, which, while varying from state to state, depending on local taxes, would roughly translate to about $9-$10 an hour for what is blithely reported as a $25,000 salary.
From yesterday's New York Times: The child tax credit for a single mother working full time at the minimum wage, for instance, would be cut from $1,725 to $165. That would be a huge and shameful step backward.