What Going Over the Fiscal Cliff Means for You

By: Elizabeth Lamb Email
By: Elizabeth Lamb Email

BRIDGEWATER, Va. -- The fiscal cliff situation in Washington, D.C. started during summer last year when the United States debt ceiling was raised. Now, the debt ceiling is back up for discussion and taxes could go up if Congress doesn't reach an agreement by the end of this year.

Here's a breakdown of what could happen:

If we go over the fiscal cliff and you make about $30,000 per year, you could pay about $3,000 more in taxes.

If you make $50,000, that amount jumps to $4,000.

If you make $150,000, you could pay $10,000.

Those extra taxes would be on top of taxes you already pay.

A political science professor said that tax money would mean people's incomes might drop.

“You're going to have less money to spend on the necessities like housing, cars, health care, potentially, if you have children, childcare, but also, food and the basic necessities that everyone needs in everyday life,” said Professor Emeritus Dr. David K. McQuilkin with Bridgewater College.

The president and congressmen have recommended a few plans, but no plan had passed as of Friday afternoon.

If we go over the fiscal cliff, Congress could go back and retroactively undo any kind of law to make sure people don't have to pay higher taxes, but Congress and the president would have to pass a plan first for that to happen.

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