Facts about the Fiscal Cliff

With the fiscal cliff just days away, taxpayers are wondering how the government’s failure to compromise will affect their budgets.  Tax increases and federal spending cuts are scheduled to take affect January 1 and will effect consumer spending.  Middle-income families could see a $3,500 loss of income due to the increased taxes caused by going over the “fiscal cliff.”

In addition to income taxes, the fiscal cliff will affect unemployment benefits, federal spending and the debt ceiling.  For more details about how you will be affected and other facts about the fiscal cliff you can read, “Factbox: “Fiscal cliff” tax, budget provisions in detail.”