Professor Discusses Impacts of Fiscal Cliff Deal

By: Litsa Pappas Email
By: Litsa Pappas Email

BRIDGEWATER, Va. -- Stephen Longenecker, a political science professor at Bridgewater College, said majority of the population will have to pay an extra two percent this year on taxes. That's from an increase in the Social Security tax.

"I think two percent is significant. I think most people will see it, especially if they look for it," said Longenecker.

If you make about $20,000 per year, you will have to pay an extra $400 in taxes this year. If you make closer to $50,000 per year, you'll have to pay another $1,000 dollars in taxes.

Longenecker said that's the only increase that will affect most of us. Plus, he said the deal found ways to avoid some other problems.

"People who are on Medicare will still be able to go to their doctor. There was a problem with federal reimbursement for doctors in Medicare, and that's been fixed for another year, so that's a problem avoided."

He said many other problems were avoided by making this deal, but he said it's only temporary until the next debt crisis comes. That crisis may be sooner than you think.

"It seems like a reasonable solution. It's a reasonable compromise. It does not address the huge problems of debt and deficits in the American economy. But it's a patch that gets us through until the next crisis hits."

Longenecker said we'll see the debt ceiling crisis in just two months. That will be a broader issue for the country that could eventually trickle down to affect all of us.

Right now, you just need to know about that two percent tax increase this year and those who make more than $400,000 per year will have some higher taxes to pay.

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