Americans could face steep tax increase

(CBS) - Americans could be facing a steep tax increase if Congress doesn't reach a deal to avoid the so-called "fiscal cliff".

A study from the Tax Policy Center says the average middle-income American family would pay 27-percent more in federal taxes next year if Congress doesn't extend the tax cuts that are set to expire at the end of the year.

The Center says 90-percent of Americans would pay more and the top 20-percent would take the biggest hit.


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