The conservative Heritage Foundation released a report this week that seeks to quantify by state and congressional district the impact of the so-called “Tamageddon.”
The legislation is due to increase the federal tax burden for Americans, according to the Mackinac Center, by $494 billion on January 1 of next year. Based in Michigan, the Mackinac Center calculated the hit Michiganders will feel.
According to the center, Michigan’s taxpayers will see a projected increase of $14,307,261,568, which is calculated to sting each tax return by an average of $2,801. These range from $1,536 in the district represented by Rep. John Conyers (D) of Detroit, to $3,800 in that of departing Rep. Thaddeus McCotter (R) of the Detroit suburbs. Overall, the Heritage Foundation calculates that Americans will see an average $4,138 tax increase next year. Some of the tax hikes will come about through the expiration of tax cuts provided in 2001 and 2003 during the George W. Bush administration.
Critics of the projected tax hikes contend that the implementation of new funding cuts and taxes, all hitting on the same day, will cause devastation to Americans' personal budgets.
Here follows a list:
(Credit: Mackinac Center)