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What the 'fiscal cliff' means for you

7:27 PM, Nov 7, 2012   |    comments
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Bi-partisan compromise will get tested right away in Washington as the nation heads for the "fiscal cliff."

Some Republican leaders say they won't extend tax cuts and add to the deficit. Democrats are calling for a quick solution.

At the start of the year, massive spending policies kick-start in government spending and the well-known Bush-era tax cuts come to an end.

According to the Tax Policy Center, 88 percent of all households will see a jump in yearly taxes. The average household bringing in $64,000 to $108,000 a year could see an immediate jump of $3,500.

In most cases, that could mean $300 a month out of your paycheck.

Looking past January 1, 2013, the fiscal cliff would mean $7 trillion worth of tax increases and spending cuts over the next 10 years.

Fiscal Cliff coverage: http://www.wkyc.com/money/economy/fiscalcliff/default.aspx

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