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Katy Grimes

What’s in your wallet?

I hope you don’t need $1,635, because that is what the average tax increase will be on the majority of Americans.

According to the Congressional Budget Office, 80 percent of American households with incomes between $50,000 and $200,000 will be out more than $1,600 next year. And that’s just the starter.

The much hyped last-minute fiscal cliff deal negotiated Jan. 1 between Vice President Biden, Senate Minority Leader Mitch McConnell, R-Kentucky, and President Barack Obama, cuts only $15 billion in spending but increases tax revenues by $620 billion. The 41:1 ratio of tax increases to spending cuts is no deal for Americans.

The tax increase is primarily due to the expiration of a payroll tax cut, according to the Tax Policy Center in Washington.

While the bill, known as the American Taxpayer Relief Act of 2012, will protect millions of… Read More

Jon Fleischman

Fiscal Cliff Nightmare For The New Year

(I’m playing around with Storify to create content with embedded stories.)

[View the story “Fiscal Cliff Disaster” on Storify]… Read More

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