American households face an average tax increase of $3,500 if Congress doesn't act to avert the so-called fiscal cliff, according to a new analysis from the Tax Policy Center, CNNMoney reported.
Overall, 88 percent of households would end up with higher taxes.
That's because a record number of tax increases -- due mostly to the expiration of temporary provisions put in place since 2001 -- are set to take effect starting in January.
All told, the center estimates that the fiscal cliff tax provisions would raise an additional $536 billion in revenue next year, or 21 percent of what the federal government would otherwise collect. Click here to read more.