Do You Know What The Fiscal Cliff Will Cost You?
Pleas read this article. http://nj1015.com/what-will-the-fiscal-cliff-cost-you/
From the article: What The Fiscal Cliff will cost each and everyone of you beginning January 2013.
The tax increases wouldn’t affect everyone equally, though all taxpayers would pay more. Here are the average increases for people at different income levels:
Income level Tax increase
Lowest 20% ($20,113 or less) $412
Low-middle 20% ($20,114 – $39,790) $1,231
Middle 20% ($39,791 – $64,484) $1,984
Upper-middle 20% ($64,485 – $108,266) $3,540
Highest 20% ($108,267 and above) $14,173
Top 1% ($506,210 and above) $120,537
Source: Tax Policy Center
For myself at my income level that is equal to what I spend a year on vacation/fun things. It looks like I won't be having any fun next year. :-(
And for a shot at a little humor. Fiscal Cliff is not the guy who sat at the end of the bar and drank beer on Cheers! ;-)