CHARLESTON, W.Va. -- On Jan. 1, among the many effects if no budget deal is reached by Congress and the Obama administration, taxes could go up for 114 million middle-class families, according to a report earlier this year from the White House's National Economic Council.
As part of a deal, President Obama and many congressional Democrats have said they want to keep income tax cuts for 98 percent of Americans, and let tax cuts for the wealthiest Americans expire for incomes over $250,000.
Republican leaders have said they're against letting the tax cuts expire for anyone, although several GOP lawmakers have said in recent days that, in the wake of Obama's re-election victory, tax rates on the top-earning Americans will have to go up.
If no deal is reached, though, all of the George W. Bush-era tax cuts will expire -- meaning various increases for people with different income levels.
For example, the median household income in West Virginia in 2011 was $38,482, according to the U.S. Census Bureau. The tax rate for that household is currently 25 percent; if the tax cuts expire, it would be 28 percent.
In terms of dollars, that household's federal income tax payment would rise from $9,620 to $10,775.
(That number doesn't include a wide variety of deductions that people often claim on their taxes, including the standard IRS deduction, business expenses, health care and education costs and charitable donations.)
The effects of other tax rate changes, if the tax cuts expire on Dec. 31, include:
According to the National Economic Council, allowing the tax cuts to expire for the wealthiest 2 percent of Americans would save $850 billion if tax cuts end for the wealthiest two percent. A proposed increase on estate taxes for the same group would add another $150 billion in federal revenue.