What is the 'fiscal cliff?'

Published On: Nov 09 2012 10:50:09 AM CST   Updated On: Dec 31 2012 07:28:08 AM CST

Confused by all this talk of a "fiscal cliff" and what it means to you? As lawmakers in Washington try to beat tonight's deadline, here are some answers.

tax rebate refund letter, IRS, Internal Revenue Service
16 / 17
Kevin Lamarque/Reuters

How much would all of this cost me? -- If your household makes a typical salary -- say, $50,000 -- you should expect to pay $2,000 more in taxes next year. If your household makes an atypical salary -- say, $500,000 -- you should expect to take a $50,000 hit. The richer you are, the bigger the hit you face as a share of income. 

Comments

The views expressed are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the Terms Of Service and the comment you are posting is in compliance with such terms. 
blog comments powered by Disqus