What is the 'fiscal cliff?'

Published On: Nov 09 2012 11:50:09 AM EST   Updated On: Dec 31 2012 08:28:08 AM EST

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.

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 clickorlando.com, WKMG or its affiliated companies. This is a community moderated forum (Please note the 'Flag' button). By posting your comments you agree to accept our Terms Of service
blog comments powered by Disqus