How Will Going Over the Fiscal Cliff Affect the Average American?

by Fox News Insider  |  published on January 1, 2013

fiscal cliff

Negotiations to come up with a deal that would avert the fiscal cliff will continue when the Senate reconvenes on Monday at 11 a.m. ET. If Republicans and Democrats can’t agree on a deal, what happens when the clock strikes midnight tomorrow night?

Fox Business Network anchor Gerri Willis reported that many are forecasting a recession if there is no resolution. Other fiscal cliff fallout may include the loss of 10 million jobs, a six percent drop in GDP and a two percent increase in unemployment.

What does going over the fiscal cliff mean for all Americans? The Bush tax cuts are set to expire tomorrow at midnight, which means $440 billion dollars in tax increases.

For a family making median income, they’ll notice an additional $3,500 dollar income tax increase. 27 million Americans will be subject to the alternative minimum tax, and additionally, the death tax will increase to 55 percent for estates of $1 million and over.

As you gear up for the New Year, Willis’ advice is to ensure that you check your savings because if a deal is not reached in time, “people are really going to be knocked on their keister.”

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