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As many Americans were scrambling to get this year's taxes done, analysts were warning about a bigger tax day -- what some call a tax Armageddon, or "Taxmageddon," to characterize its potential effect on the U.S. economy.
At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 -- if Congress doesn't act.
The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent.
"Taxmageddon is a $500 billion, one-year tax hike that hits the economy on Jan. 1, 2013," Curtis Dubay of the Heritage Foundation said.
It would cut the child tax credit by half, from $1,000 a child to $500.
The marriage penalty would return.
Read more: Taxmageddon coming? Answer could cost Americans $500 billion | Fox News
At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 -- if Congress doesn't act.
The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent.
"Taxmageddon is a $500 billion, one-year tax hike that hits the economy on Jan. 1, 2013," Curtis Dubay of the Heritage Foundation said.
It would cut the child tax credit by half, from $1,000 a child to $500.
The marriage penalty would return.
Read more: Taxmageddon coming? Answer could cost Americans $500 billion | Fox News