Fiscal Cliff: Do Tax Hikes Worry You?

We’d like to hear from you on how the possible tax hikes would impact your family.

With New Year’s just around the corner, all eyes are turning to Washington, D.C., where lawmakers are working to prevent America from falling off the so-called fiscal cliff.

That cliff, according to the Huffington Post, is the automatic activation of budget cuts and tax hikes that will kick in on Jan. 1, 2013, if something isn’t done to prevent them.

As it stands right now, no agreement has been reached between the Democrats and Republicans to prevent the financial changes from occurring. Some economists say the budget cuts and tax hikes will catapult America back into another recession.

President Barack Obama has cut his holiday vacation short, according to the Post, and is returning to Washington to try and work out a deal. Republicans and Democrats cannot agree on a solution.

Of particular concern to many is the potential for middle class families – those that earn less than $250,000 a year – to see significant tax hikes on Jan. 1. The White House estimates the average increase on families at $1,600 a year. The hikes are anticipated to hit about 114 million middle class families.

What do you think about the potential tax hikes? How would an extra $1,600 out of your paycheck impact your family? Would you have to cut things out of your budget? How would you resolve the issue if you were a Washington lawmaker? Share your thoughts, concerns and ideas in the comments section.

David Lombrozo December 30, 2012 at 03:43 PM
My real wages have been declining for over 12 years because of the economy while those earning more than 500K/yr have been increasing. I will not see any real hike in my wages so there will be no impact. The upper 5% should have their real wages decline just like the other 95% to make it fair. Then, we can start talking about shared sacrifice. Seniors, disabled and poor should not be asked to give another dime until that happens.
Marlene Mitchell December 30, 2012 at 10:07 PM
(invision giant eye roll) Not the GOVERNMENTS fault for spending us into the poor house...nope, not our benevolent politicians. Even Obama stated that the tax increase for the upper 5% won't make a dent but that he wanted them to pay extra anyway to be "FAIR". To be REALLY fair, how about our elected officials NOT be exempt from what the lowly taxpayer has to do.....and you can start with Obamacare and then move on to the retirement they receive after a few short years. Not the 20+ years we common folk work for. You might be less ignorant if you put you face in an Economics book rather than in front of the boobtube.


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