questionsdo you know what the fiscal cliff will cost you?

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I'm honestly worried more about the spending cuts than the tax increases. Working in the defense industry is a little scary right now. But, I guess, on the bright side, I may paying significantly lower taxes in 2013. That's something, right?

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Somehow I think Congress will find a way to prevent supposedly "mandatory" cuts to Defense. That seems to be the "Norm".

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I prefer not to dwell on it unless I have an option not to pay it. Otherwise I just get my checkbook out.

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It's sad on The Price is Right when the yodeler goes over the fiscal cliff*.

http://www.youtube.com/watch?v=YHv5jgXz9I8&feature=related

*But really, I'm kind of terrified.

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gt0163: you will not be paying significantly lower taxes. The amounts stated above are on top of what you area already paying. They are an increase. No one will be paying less if the country goes over the fiscal cliff.

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I'll be paying more, but given my situation (single, no kids, few deductions) I'm not going to get hit near as hard (proportionally) as many people. Welcome to my world, folks. Many months more than half of my outflows are tax. 60% one month.

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@hessem: Pretty sure that was a tongue-in-cheek reference to paying less taxes because he'll be unemployed.

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Everybody's making this such a big deal. Congress made it dire on purpose for both sides of the aisle to be absolutely sure they pass a budget before January.

Of course nobody would dare work on it before an election, so we only get two months to do it. But make no mistake - they've been working on their plans longer than that. This seems like media sensationalism to me.

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@omnichad: It's been over 3.5 years since the Senate last passed a budget, and President Obama's last 2 budgets got no votes in the house and senate. Zero.

So let's not pretend that the election had something to do with it.

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That is the problem with the tax cuts in the first place. They were never meant to be permenant, so eventually you have to pull off that band-aid. The Bush tax cuts, which from an economical standpoint, should have only lasted 3 years, stuck around way too long. Now everything thinks those cut rates are the normal rates.

The greatest thing, LONG TERM, that could happen is to fall off the cliff, suffer for a year or 2, then come back stronger than ever. It has to happen eventually, why not now?

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@jkaleda: The problem is that it is not just the US in a bubble, if we go over the cliff, the effects will be felt worldwide. The consequences will be multiplied and could keep the pain up for a lot longer than a couple more years. Since a certain few Americans will not want to see the pain hit them, companies will cut jobs left and right in order to keep the profit margins going. Those lucky to have a job will be doing the work of several people with no end in sight.

The fear is that once companies see what they can get for fewer and fewer workers, that will be the new norm. Unemployment benefits cannot be the lifeboat for long. Things have the potential to be very bleak for many years to come.

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I was shocked to read that the Capital Gains tax on selling long term capital gains will be going from 15% up to 23.8% and that taxes on profits from stock dividends will go from 15% for the average schmo up to 39.6% overall and 43.4% for top earners as of January 1, 2013.

I would think that there would be a run on the stock market before that kicks in? I liquidated mine before the election, and it's a damn good thing I did it, too. Very worrisome and untimely as the housing market is making a slight comeback.

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The only thing articles/posts such as this do is create/help spread mass hysteria which can be far worse than any cliff.

It's going to be what it's going to be. Worrying, crying, complaining, etc. isn't going to effect what is going to happen. Just hope for the best and plan for the worst.

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@hessem: Yes, but if I loose my job I'll be making less which will shift me into a lower tax bracket and, therefore, I'll be paying less.