Middle-Class New Yorkers hit hard if Bush cuts go

The expiration of the tax cuts set for the end of the year 2010 are likely to dominate Washington when Congress returns after summer break.

Middle class New Yorkers would take a big hit in the wallet if Congress fails to extend former President Bush’s tax cuts, with some forking over alsmost double what other middle-income americans are paying, according to a new study. 

On the upper East Side for example, families whose salaries are in the middle range would hand over a hefty $3,066 in extra dough to Uncle Sam.  In Brooklyn, where incomes that fall in the middle range are lower, families would pay an extra $1,730.  In Staten Island it’s $1,658 more in taxes, if the cuts expire.

Republicans, emboldened by the slumping economy economy and President Obama’s bleak poll numbers, are planning a fight to have all of the cuts stay.  Some democrats fearful of being called tax hikers in the midst of a recession, have said they want to keep all of the bush cuts as well .  Obama wants to roll back the tax cuts for families making $250,000 a year or more, but would keep the cuts for the middle class.

Some prominent figures, including former Federal Reserve Chairman Alan Greenspan, believe the cuts should be completely rolled back, arguing that the deficit is too high to support tax breaks.

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